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

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

ProFrac Price Performance

NASDAQ ACDC opened at $7.27 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The firm’s fifty day moving average price is $8.01 and its two-hundred day moving average price is $7.23. ProFrac has a 1 year low of $5.16 and a 1 year high of $9.75.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its stake 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 acquiring an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of ProFrac in the fourth quarter valued at about $57,000. Catalina Capital Group LLC acquired a new position in shares of ProFrac in the fourth quarter valued at about $79,000. Stratos Investment Management LLC acquired a new position in shares of ProFrac in the fourth quarter valued at about $84,000. Finally, Townsquare Capital LLC acquired a new position in shares of ProFrac in the third quarter valued at about $87,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.