Arete Wealth Advisors LLC Acquires 107,908 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Arete Wealth Advisors LLC grew its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 478.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 130,447 shares of the company's stock after purchasing an additional 107,908 shares during the period. Arete Wealth Advisors LLC owned about 0.08% of ProFrac worth $874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company's stock valued at $872,000 after buying an additional 12,683 shares in the last quarter. nVerses Capital LLC purchased a new position in ProFrac during the 2nd quarter valued at about $44,000. American Century Companies Inc. increased its holdings in shares of ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company's stock valued at $2,339,000 after purchasing an additional 132,108 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of ProFrac by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company's stock worth $660,000 after purchasing an additional 5,312 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of 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 during the period. Institutional investors and hedge funds own 12.75% of the company's stock.

ProFrac Stock Down 1.0 %

ProFrac stock traded down $0.08 during mid-day trading on Thursday, hitting $7.95. 418,345 shares of the company's stock were exchanged, compared to its average volume of 851,678. ProFrac Holding Corp. has a 1-year low of $5.16 and a 1-year high of $9.75. The stock has a 50 day moving average of $7.16 and a two-hundred day moving average of $7.30. The stock has a market cap of $1.27 billion, a P/E ratio of -5.64 and a beta of 1.15. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ACDC shares. Stifel Nicolaus lowered shares of ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price objective on the stock. in a research note on Friday, October 11th. Morgan Stanley downgraded shares of ProFrac from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. JPMorgan Chase & Co. cut ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price objective for the company. in a research report on Friday, December 6th. Finally, Bank of America reaffirmed a "hold" rating and issued a $7.50 target price on shares of ProFrac in a research report 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 issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $7.40.

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.