554,397 Shares in ProFrac Holding Corp. (NASDAQ:ACDC) Purchased by Empowered Funds LLC

Empowered Funds LLC bought a new stake in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 554,397 shares of the company's stock, valued at approximately $3,764,000. Empowered Funds LLC owned about 0.35% of ProFrac at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. nVerses Capital LLC acquired a new stake in shares of ProFrac in the 2nd quarter valued at approximately $44,000. Squarepoint Ops LLC bought a new position in shares of ProFrac during the second quarter worth $150,000. Point72 Asset Management L.P. acquired a new position in shares of ProFrac in the 2nd quarter valued at $365,000. Virtu Financial LLC bought a new stake in shares of ProFrac in the 1st quarter valued at $401,000. Finally, Dimensional Fund Advisors LP raised its stake in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company's stock worth $660,000 after buying an additional 5,312 shares during the period. Institutional investors and hedge funds own 12.75% of the company's stock.

ProFrac Stock Down 1.2 %

NASDAQ:ACDC traded down $0.08 on Tuesday, hitting $6.75. 344,605 shares of the company's stock were exchanged, compared to its average volume of 874,387. The company has a market cap of $1.08 billion, a P/E ratio of -4.79 and a beta of 0.84. The firm has a 50-day moving average price of $6.61 and a 200-day moving average price of $7.32. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. ProFrac Holding Corp. has a 52 week low of $5.16 and a 52 week high of $9.75.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ACDC. Morgan Stanley cut ProFrac from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Bank of America reissued a "hold" rating and set a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Finally, Stifel Nicolaus lowered shares of ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price target on the stock. in a research note on Friday, October 11th.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc bought 353,635 shares of the business'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 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 0.45 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have purchased 1,345,218 shares of company stock worth $8,578,268. Corporate insiders own 2.93% of the company's stock.

ProFrac Profile

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.