CastleKnight Management LP Sells 65,000 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

CastleKnight Management LP decreased its stake in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 18.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,900 shares of the company's stock after selling 65,000 shares during the period. CastleKnight Management LP owned about 0.18% of ProFrac worth $2,288,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company's stock valued at $199,000 after purchasing an additional 19,898 shares in the last quarter. GAMMA Investing LLC grew its position in shares of ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock valued at $45,000 after buying an additional 3,021 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in ProFrac during the 4th quarter valued at approximately $57,000. Hennessy Advisors Inc. boosted its stake in shares of ProFrac by 50.0% in the 4th quarter. Hennessy Advisors Inc. now owns 30,000 shares of the company's stock valued at $233,000 after purchasing an additional 10,000 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of ProFrac in the 4th quarter worth about $115,000. Institutional investors and hedge funds own 12.75% of the company's stock.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Farris Wilks acquired 338,756 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average price of $6.93 per share, with a total value of $2,347,579.08. Following the completion of the purchase, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.93% of the company's stock.

ProFrac Trading Down 4.9 %

Shares of ACDC opened at $4.65 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm has a market cap of $744.83 million, a P/E ratio of -3.30 and a beta of 1.14. ProFrac Holding Corp. has a fifty-two week low of $4.00 and a fifty-two week high of $9.75. The business has a 50-day moving average of $6.09 and a 200 day moving average of $7.03.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus decreased their price target on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Tuesday, April 15th. Two research 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 MarketBeat, the company has an average rating of "Hold" and a consensus target price of $7.20.

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.

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