Martingale Asset Management L P Reduces Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Martingale Asset Management L P trimmed its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 72.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,400 shares of the company's stock after selling 60,471 shares during the period. Martingale Asset Management L P's holdings in ProFrac were worth $159,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in 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 during the period. nVerses Capital LLC bought a new position in ProFrac during the second quarter valued at about $44,000. Charles Schwab Investment Management Inc. raised its holdings in shares of ProFrac by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company's stock worth $1,194,000 after purchasing an additional 6,063 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 worth $872,000 after purchasing an additional 12,683 shares during the period. Finally, Townsquare Capital LLC acquired a new stake in ProFrac during the 3rd quarter worth about $87,000. 12.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ACDC. Morgan Stanley lowered shares of ProFrac from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Stifel Nicolaus lowered shares of ProFrac from a "buy" rating to a "hold" rating and set a $7.00 target price for the company. in a research report on Friday, October 11th. Finally, Bank of America reaffirmed a "hold" rating and set a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th.

Insider Activity

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was acquired at an average price 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 $488,648,877.33. This trade represents a 0.45 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.93% of the company's stock.

ProFrac Stock Down 1.2 %

Shares of ACDC stock traded down $0.10 during trading on Thursday, reaching $8.26. The company's stock had a trading volume of 172,316 shares, compared to its average volume of 859,845. 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 business has a fifty day moving average price of $7.06 and a 200-day moving average price of $7.35. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -5.93 and a beta of 1.15. ProFrac Holding Corp. has a one year low of $5.16 and a one year high of $9.75.

ProFrac Company 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.