Hotchkis & Wiley Capital Management LLC Raises Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Hotchkis & Wiley Capital Management LLC grew its position in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 114.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 831,320 shares of the company's stock after acquiring an additional 443,530 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.52% of ProFrac worth $5,645,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ACDC. nVerses Capital LLC acquired a new position in ProFrac in the 2nd quarter valued at approximately $44,000. Townsquare Capital LLC bought a new stake in shares of ProFrac in the 3rd quarter valued at about $87,000. Squarepoint Ops LLC acquired a new stake in shares of ProFrac in the second quarter valued at about $150,000. Point72 Asset Management L.P. bought a new position in shares of ProFrac during the second quarter worth about $365,000. Finally, Verition Fund Management LLC lifted its stake in shares of ProFrac by 94.0% in the third quarter. Verition Fund Management LLC now owns 83,354 shares of the company's stock worth $566,000 after acquiring an additional 40,390 shares during the period. 12.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ACDC shares. JPMorgan Chase & Co. lowered shares of ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price objective on the stock. in a research note on Friday. Stifel Nicolaus lowered ProFrac from a "buy" rating to a "hold" rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th. Morgan Stanley lowered ProFrac from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Bank of America reiterated a "hold" rating and issued a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $7.40.

Insider Activity

In other news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the transaction, the insider now directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.93% of the company's stock.

ProFrac Stock Down 10.2 %

NASDAQ ACDC traded down $0.84 during mid-day trading on Friday, hitting $7.41. The company's stock had a trading volume of 785,552 shares, compared to its average volume of 860,128. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The company's 50 day simple moving average is $7.09 and its 200 day simple moving average is $7.35. ProFrac Holding Corp. has a twelve month low of $5.16 and a twelve month high of $9.75. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -5.37 and a beta of 1.15.

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.