ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 4,090,000 shares, a decline of 13.7% from the July 15th total of 4,740,000 shares. Based on an average trading volume of 710,100 shares, the days-to-cover ratio is currently 5.8 days.
ProFrac Price Performance
Shares of NASDAQ:ACDC opened at $10.94 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 1.06 and a debt-to-equity ratio of 5.52. The firm has a market capitalization of $1.74 billion, a PE ratio of 4.78 and a beta of 0.88. ProFrac has a twelve month low of $9.01 and a twelve month high of $27.00. The company has a 50-day moving average price of $12.33 and a two-hundred day moving average price of $14.02.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Stifel Nicolaus dropped their target price on shares of ProFrac from $22.00 to $18.00 in a research report on Wednesday, July 12th. JPMorgan Chase & Co. downgraded shares of ProFrac from an “overweight” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Thursday, May 11th. Finally, Morgan Stanley dropped their target price on shares of ProFrac from $30.00 to $22.00 in a research report on Tuesday, April 18th.
Insider Buying and Selling
In related news, major shareholder Holdings Lp Thrc acquired 76,911 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were bought at an average cost of $11.98 per share, with a total value of $921,393.78. Following the completion of the purchase, the insider now directly owns 69,684,034 shares in the company, valued at $834,814,727.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 1,226,892 shares of company stock valued at $14,789,653 over the last ninety days. 2.60% of the stock is owned by company insiders.
Institutional Investors Weigh In On ProFrac
A number of institutional investors and hedge funds have recently modified their holdings of ACDC. Encompass Capital Advisors LLC purchased a new stake in shares of ProFrac in the second quarter worth about $33,167,000. BlackRock Inc. purchased a new position in shares of ProFrac during the first quarter worth approximately $22,194,000. FMR LLC purchased a new position in shares of ProFrac during the first quarter worth approximately $9,858,000. Wellington Management Group LLP bought a new position in shares of ProFrac in the first quarter worth approximately $9,100,000. Finally, Sagefield Capital LP bought a new position in shares of ProFrac in the first quarter worth approximately $8,954,000.
About ProFrac
ProFrac Holding Corp., an integrated energy services company, provides stimulation services, proppants production, and other complementary products and services to oil and gas companies in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.