Geode Capital Management LLC Has $4 Million Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Geode Capital Management LLC decreased its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 8.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 588,608 shares of the company’s stock after selling 54,853 shares during the quarter. Geode Capital Management LLC’s holdings in ProFrac were worth $3,997,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after acquiring an additional 12,683 shares during the period. American Century Companies Inc. raised its holdings in ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after purchasing an additional 5,312 shares during the period. Marshall Wace LLP boosted its stake in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of ProFrac during the 2nd quarter worth approximately $150,000. 12.75% of the stock is currently owned by institutional investors.

ProFrac Trading Down 0.7 %

Shares of NASDAQ ACDC opened at $8.21 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. ProFrac Holding Corp. has a twelve month low of $5.16 and a twelve month high of $9.75. The company’s fifty day moving average is $7.45 and its 200-day moving average is $7.15. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -5.82 and a beta of 1.15.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ACDC shares. Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a research note on Friday, December 6th. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, 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 note on Friday, October 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.40.

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.