Bank of New York Mellon Corp Buys 1,692,908 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Bank of New York Mellon Corp raised its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 1,822.8% in the fourth quarter, according to 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 purchasing an additional 1,692,908 shares during the period. Bank of New York Mellon Corp owned 1.12% of ProFrac worth $13,858,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC raised its stake in shares of ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company's stock worth $199,000 after purchasing an additional 19,898 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of ProFrac during the 4th quarter worth about $115,000. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company's stock valued at $5,645,000 after acquiring an additional 443,530 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of ProFrac during the 4th quarter valued at about $112,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of ProFrac during the 4th quarter valued at about $455,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

ProFrac Stock Performance

ACDC traded up $0.07 during midday trading 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 market cap of $1.16 billion, a P/E ratio of -5.16 and a beta of 1.18. The company has a fifty day simple moving average of $7.68 and a 200 day simple moving average of $7.27. 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 Holding Corp. has a twelve month low of $5.16 and a twelve month high of $9.75.

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Insider Buying and Selling 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 transaction, the insider now owns 1,316,534 shares of the company's stock, valued at $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.93% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ACDC shares. JPMorgan Chase & Co. lowered ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price objective on the stock. in a report on Friday, December 6th. Stifel Nicolaus increased their price objective on ProFrac from $6.00 to $7.00 and gave the company a "hold" rating in a 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target 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.