ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 5.7% in September

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totalling 6,950,000 shares, a drop of 5.7% from the September 15th total of 7,370,000 shares. Based on an average daily volume of 868,400 shares, the short-interest ratio is presently 8.0 days.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Piper Sandler decreased their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday. Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research note on Friday, October 11th. Finally, Morgan Stanley cut 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 report on Thursday.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the purchase, the insider now owns 79,197,549 shares of the company’s stock, valued at approximately $488,648,877.33. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders bought 1,933,600 shares of company stock worth $12,207,161. Corporate insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares in the last quarter. Marshall Wace LLP raised its holdings in ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in ProFrac during the second quarter worth approximately $365,000. Squarepoint Ops LLC bought a new stake in ProFrac during the second quarter worth approximately $150,000. Finally, Bank of New York Mellon Corp raised its holdings in ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after purchasing an additional 12,683 shares in the last quarter. Institutional investors own 12.75% of the company’s stock.

ProFrac Stock Performance

ACDC opened at $6.58 on Friday. The business’s 50 day moving average is $6.64 and its 200-day moving average is $7.61. The stock has a market cap of $1.05 billion, a PE ratio of -7.08 and a beta of 0.81. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. ProFrac has a twelve month low of $5.59 and a twelve month high of $10.14.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The business had revenue of $579.40 million for the quarter, compared to the consensus estimate of $624.64 million. On average, analysts predict that ProFrac will post -0.13 earnings per share for the current year.

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.