ProFrac Holding Corp. (NASDAQ:ACDC) Sees Large Growth in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 5,400,000 shares, a growth of 10.0% from the May 31st total of 4,910,000 shares. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is currently 5.3 days.

Analysts Set New Price Targets

Several research firms have commented on ACDC. Stifel Nicolaus lowered their price target on shares of ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, March 14th. Bank of America upped their price target on shares of ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Monday, April 15th.

ProFrac Trading Down 0.1 %

ACDC stock opened at $7.27 on Wednesday. The company’s 50-day simple moving average is $8.21 and its 200-day simple moving average is $8.01. The company has a quick ratio of 0.71, a current ratio of 1.07 and a debt-to-equity ratio of 0.72. ProFrac has a 52-week low of $6.46 and a 52-week high of $14.23. The firm has a market cap of $1.16 billion, a P/E ratio of -7.82 and a beta of 0.86.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Friday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. ProFrac had a negative net margin of 5.35% and a negative return on equity of 1.00%. The business had revenue of $581.50 million for the quarter, compared to analyst estimates of $587.60 million. As a group, equities analysts forecast that ProFrac will post 0.58 EPS for the current fiscal year.

Insider Activity at ProFrac

In other news, major shareholder Farris Wilks purchased 330,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average price of $22.08 per share, for a total transaction of $7,286,400.00. Following the completion of the acquisition, the insider now owns 58,541,444 shares of the company’s stock, valued at $1,292,595,083.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Holdings Lp Thrc purchased 440,217 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the acquisition, the insider now owns 75,640,762 shares of the company’s stock, valued at $717,830,831.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Farris Wilks bought 330,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average cost of $22.08 per share, for a total transaction of $7,286,400.00. Following the completion of the transaction, the insider now owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 964,678 shares of company stock worth $13,268,657. Company insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Hedge funds have recently modified their holdings of the company. First Financial Bankshares Inc acquired a new position in shares of ProFrac during the 4th quarter worth about $8,580,000. Russell Investments Group Ltd. raised its position in shares of ProFrac by 712.8% during the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after purchasing an additional 130,757 shares during the last quarter. CastleKnight Management LP acquired a new position in shares of ProFrac during the 4th quarter worth about $956,000. Virtu Financial LLC acquired a new position in shares of ProFrac during the 1st quarter worth about $401,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of ProFrac during the 1st quarter worth about $357,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.