ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 14.5% in July

ProFrac Holding Corp. (NASDAQ:ACDC) saw a large decrease in short interest in July. As of July 31st, there was short interest totalling 4,640,000 shares, a decrease of 14.5% from the July 15th total of 5,430,000 shares. Based on an average trading volume of 923,900 shares, the short-interest ratio is presently 5.0 days.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ACDC. Piper Sandler decreased their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus decreased their target price on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Bank of America decreased their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th.

Insider Activity at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 194,461 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $9.28 per share, for a total transaction of $1,804,598.08. Following the acquisition, the insider now directly owns 74,935,006 shares of the company’s stock, valued at approximately $695,396,855.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders acquired 1,046,061 shares of company stock valued at $8,462,897. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in 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 buying an additional 130,757 shares during the period. Jump Financial LLC purchased a new stake in ProFrac during the 4th quarter worth approximately $179,000. Quest Partners LLC purchased a new stake in ProFrac during the 4th quarter worth approximately $356,000. Tower Research Capital LLC TRC increased its stake in ProFrac by 42.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after buying an additional 2,034 shares during the period. Finally, Aristides Capital LLC purchased a new stake in ProFrac during the 4th quarter worth approximately $279,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Stock Performance

Shares of ACDC stock opened at $6.53 on Monday. The firm’s 50 day moving average price is $7.57 and its 200-day moving average price is $7.93. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 1.01. ProFrac has a one year low of $5.59 and a one year high of $11.94. The firm has a market cap of $1.04 billion, a P/E ratio of -7.02 and a beta of 0.85.

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.