JPMorgan Chase & Co. Sells 62,589 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

JPMorgan Chase & Co. trimmed its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 86.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,180 shares of the company’s stock after selling 62,589 shares during the period. JPMorgan Chase & Co.’s holdings in ProFrac were worth $69,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in ProFrac by 6.3% in 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. Charles Schwab Investment Management Inc. raised its stake in shares of ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after purchasing an additional 6,063 shares during the period. Townsquare Capital LLC bought a new stake in shares of ProFrac during the 3rd quarter worth $87,000. Quantinno Capital Management LP bought a new stake in shares of ProFrac during the 3rd quarter worth $100,000. Finally, Barclays PLC raised 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 acquiring an additional 19,898 shares during the period. 12.75% of the stock is currently owned by institutional investors.

ProFrac Trading Up 0.4 %

NASDAQ ACDC opened at $7.30 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. ProFrac Holding Corp. has a 12 month low of $5.16 and a 12 month high of $9.75. The stock has a market cap of $1.17 billion, a P/E ratio of -5.18 and a beta of 1.19. The stock’s fifty day moving average price is $8.00 and its 200-day moving average price is $7.23.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ACDC shares. Stifel Nicolaus lowered 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 lowered ProFrac from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. Finally, Bank of America reaffirmed a “hold” rating and set 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 assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.20.

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.