Bleakley Financial Group LLC Makes New Investment in ProFrac Holding Corp. (NASDAQ:ACDC)

Bleakley Financial Group LLC purchased a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) during the fourth quarter, Holdings Channel reports. The fund purchased 58,690 shares of the company’s stock, valued at approximately $455,000.

A number of other large investors also recently added to or reduced their stakes in ACDC. Empowered Funds LLC acquired a new position in ProFrac during the third quarter worth $3,764,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of ProFrac by 114.4% in the third 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 in the last quarter. Arete Wealth Advisors LLC raised its stake in shares of ProFrac by 478.8% in the third quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after acquiring an additional 107,908 shares in the last quarter. Verition Fund Management LLC raised 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 valued at $566,000 after acquiring an additional 40,390 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in shares of ProFrac by 39.8% in the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after acquiring an additional 33,139 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Stock Performance

Shares of ACDC stock opened at $7.87 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. ProFrac Holding Corp. has a 1 year low of $5.16 and a 1 year high of $9.75. The stock’s 50-day moving average is $7.87 and its two-hundred day moving average is $7.22. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -5.58 and a beta of 1.19.

Wall Street Analyst Weigh In

ACDC has been the topic of several analyst reports. Stifel Nicolaus reduced their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Finally, Bank of America reissued a “hold” rating and issued a $7.50 target price on shares of ProFrac in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.20.

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.