ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Update

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 6,950,000 shares, a decline of 5.7% from the September 15th total of 7,370,000 shares. Based on an average daily trading volume, of 868,400 shares, the days-to-cover ratio is currently 8.0 days.

ProFrac Stock Up 2.7 %

NASDAQ ACDC opened at $6.96 on Thursday. ProFrac has a 1-year low of $5.59 and a 1-year high of $10.14. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -7.48 and a beta of 0.81. The stock’s 50 day moving average is $6.63 and its two-hundred day moving average is $7.61. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The company had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. Equities analysts forecast that ProFrac will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on ACDC shares. Piper Sandler cut their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday. Finally, Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research note on Friday, October 11th.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the stock in a transaction dated Friday, August 30th. The shares were bought at an average cost of $6.99 per share, with a total value of $42,890.64. Following the completion of the transaction, the insider now owns 77,411,356 shares in the company, valued at $541,105,378.44. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders bought 1,933,600 shares of company stock worth $12,207,161. 2.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ProFrac

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. nVerses Capital LLC bought a new position in ProFrac during the 2nd quarter valued at about $44,000. Delta Investment Management LLC raised its stake in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of ProFrac in the 2nd quarter worth approximately $150,000. Susquehanna Fundamental Investments LLC bought a new stake in ProFrac during the 1st quarter worth approximately $357,000. Finally, Point72 Asset Management L.P. acquired a new stake in ProFrac during the 2nd quarter valued at $365,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.