Invesco Ltd. Lowers Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Invesco Ltd. decreased its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 26.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,034 shares of the company's stock after selling 67,850 shares during the quarter. Invesco Ltd. owned approximately 0.12% of ProFrac worth $1,490,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in ProFrac by 1,822.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock valued at $13,858,000 after acquiring an additional 1,692,908 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock valued at $3,313,000 after purchasing an additional 146,028 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of ProFrac by 12.8% during the 4th quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after purchasing an additional 59,908 shares during the last quarter. Bleakley Financial Group LLC acquired a new stake in shares of ProFrac in the 4th quarter worth $455,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in ProFrac during the 4th quarter worth $223,000. Hedge funds and other institutional investors own 12.75% of the company's stock.

Insider Activity

In other ProFrac news, major shareholder Farris Wilks acquired 338,756 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the acquisition, the insider now directly owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.93% of the company's stock.

ProFrac Stock Performance

Shares of NASDAQ ACDC traded down $0.09 during mid-day trading on Tuesday, hitting $4.56. The stock had a trading volume of 342,574 shares, compared to its average volume of 711,352. The company has a 50 day moving average of $6.04 and a two-hundred day moving average of $7.01. ProFrac Holding Corp. has a twelve month low of $4.00 and a twelve month high of $9.75. 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 $730.41 million, a PE ratio of -3.23 and a beta of 1.14.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus lowered their price target on ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.