ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 34.6% in August

Key Points

• ProFrac Holding Corp. (NASDAQ:ACDC) experienced a dramatic 34.6% decrease in short interest during August, with a total of approximately 2.78 million shares shorted as of August 15th.
• Wall Street analysts have expressed negative sentiment towards the stock, with three analysts assigning "Sell" ratings and the average price target set at $6.10.
• Insider buying activity was notable, as major shareholder Holdings Lp Thrc purchased 2.5 million shares at an average price of $4.00, increasing their ownership in the company.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) was the target of a large drop in short interest in August. As of August 15th, there was short interest totaling 2,780,000 shares, adropof34.6% from the July 31st total of 4,250,000 shares. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is currently 2.3 days. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is currently 2.3 days.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of research analyst reports. Bank of America lowered shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price target on the stock. in a report on Wednesday, June 25th. Morgan Stanley reduced their target price on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Wall Street Zen lowered shares of ProFrac from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, Piper Sandler reduced their target price on shares of ProFrac from $8.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Two research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Strong Sell" and an average price target of $6.10.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider owned 82,389,657 shares of the company's stock, valued at approximately $329,558,628. The trade was a 3.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.84% of the company's stock.

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its stake in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock worth $27,000 after acquiring an additional 3,476 shares during the period. Farther Finance Advisors LLC acquired a new stake in ProFrac during the second quarter worth about $29,000. Raymond James Financial Inc. acquired a new stake in ProFrac during the second quarter worth about $29,000. BNP Paribas Financial Markets raised its stake in ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company's stock worth $48,000 after acquiring an additional 4,871 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in ProFrac by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock worth $77,000 after acquiring an additional 9,416 shares during the period. Institutional investors and hedge funds own 12.75% of the company's stock.

ProFrac Stock Performance

Shares of ACDC stock opened at $3.84 on Friday. ProFrac has a 12 month low of $3.43 and a 12 month high of $10.70. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. The firm has a market capitalization of $615.48 million, a P/E ratio of -2.21 and a beta of 1.64. The company's fifty day moving average price is $6.15 and its two-hundred day moving average price is $6.53.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.38). The firm had revenue of $501.90 million during the quarter, compared to analyst estimates of $532.93 million. ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%. On average, research analysts anticipate that ProFrac will post -0.5 earnings per share for the current fiscal year.

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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