Bank of New York Mellon Corp Grows Stock Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Bank of New York Mellon Corp raised its position in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 1,822.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,785,781 shares of the company's stock after acquiring an additional 1,692,908 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of ProFrac worth $13,858,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of ProFrac by 110.7% during the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock worth $45,000 after buying an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of ProFrac during the fourth quarter worth about $57,000. Catalina Capital Group LLC acquired a new position in shares of ProFrac during the fourth quarter worth about $79,000. Stratos Investment Management LLC acquired a new position in shares of ProFrac during the fourth quarter worth about $84,000. Finally, Townsquare Capital LLC acquired a new position in shares of ProFrac during the third quarter worth about $87,000. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Stock Up 1.0 %

ACDC traded up $0.07 on Friday, reaching $7.27. The company's stock had a trading volume of 408,047 shares, compared to its average volume of 748,093. The stock has a 50 day moving average of $7.68 and a two-hundred day moving average of $7.27. 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 company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -5.16 and a beta of 1.18. ProFrac Holding Corp. has a fifty-two week low of $5.16 and a fifty-two week high of $9.75.

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Insider Activity at ProFrac

In other news, major shareholder Farris Wilks acquired 338,756 shares of ProFrac stock in a transaction on Wednesday, February 26th. The stock was bought at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the purchase, the insider now owns 1,316,534 shares in the company, valued at $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACDC. JPMorgan Chase & Co. downgraded 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. Stifel Nicolaus boosted their price objective on ProFrac from $6.00 to $7.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock 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.