ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 5.8% in December

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 4,890,000 shares, a decrease of 5.8% from the December 15th total of 5,190,000 shares. Based on an average trading volume of 542,900 shares, the days-to-cover ratio is presently 9.0 days.

ProFrac Stock Performance

NASDAQ ACDC opened at $8.91 on Friday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -6.32 and a beta of 1.20. The company has a 50 day moving average of $7.80 and a 200-day moving average of $7.21. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. ProFrac has a 1-year low of $5.16 and a 1-year high of $9.75.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a research report on Friday, December 6th. Stifel Nicolaus lowered their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Bank of America reiterated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.20.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently modified their holdings of ACDC. GAMMA Investing LLC increased its holdings in shares of ProFrac by 110.7% in the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after purchasing an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in shares of ProFrac in the fourth quarter valued at approximately $57,000. Townsquare Capital LLC acquired a new stake in ProFrac during the 3rd quarter worth $87,000. Quantinno Capital Management LP acquired a new stake in ProFrac during the 3rd quarter worth $100,000. Finally, SG Americas Securities LLC acquired a new stake in ProFrac during the 4th quarter worth $115,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.