ProFrac Holding Corp. (NASDAQ:ACDC) Sees Significant Decrease in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) was the target of a large drop in short interest in November. As of November 15th, there was short interest totalling 5,890,000 shares, a drop of 14.9% from the October 31st total of 6,920,000 shares. Based on an average trading volume of 733,200 shares, the short-interest ratio is currently 8.0 days.

ProFrac Stock Performance

NASDAQ ACDC traded down $0.06 on Friday, hitting $9.07. 243,599 shares of the stock traded hands, compared to its average volume of 866,266. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The business's fifty day moving average is $6.93 and its two-hundred day moving average is $7.36. ProFrac has a 12 month low of $5.16 and a 12 month high of $9.75. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -6.43 and a beta of 0.84.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ACDC. Stifel Nicolaus downgraded ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price target for the company. in a research report on Friday, October 11th. Morgan Stanley lowered 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 report on Thursday, October 17th. Finally, Bank of America reissued a "hold" rating and issued a $7.50 price target on shares of ProFrac in a report on Monday, October 14th.

Insider Buying and Selling at ProFrac

In other news, major shareholder Holdings Lp Thrc acquired 165,316 shares of the firm's stock in a transaction on Thursday, September 5th. The stock was purchased at an average price of $6.20 per share, for a total transaction of $1,024,959.20. Following the purchase, the insider now owns 78,362,865 shares in the company, valued at approximately $485,849,763. This represents a 0.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have purchased 1,307,298 shares of company stock worth $8,322,742. Corporate insiders own 2.93% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. nVerses Capital LLC purchased a new stake in ProFrac during the second quarter valued at about $44,000. Townsquare Capital LLC bought a new stake in shares of ProFrac in the third quarter valued at approximately $87,000. Quantinno Capital Management LP purchased a new stake in shares of ProFrac during the 3rd quarter valued at approximately $100,000. Squarepoint Ops LLC bought a new position in ProFrac in the 2nd quarter worth approximately $150,000. Finally, Barclays PLC grew its stake in ProFrac by 213.6% in the 3rd quarter. Barclays PLC now owns 29,215 shares of the company's stock valued at $199,000 after buying an additional 19,898 shares in the last quarter. Institutional investors own 12.75% of the company's stock.

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.