ProFrac Holding Corp. (NASDAQ:ACDC) Sees Significant Decrease in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 5,660,000 shares, a decrease of 7.2% from the March 15th total of 6,100,000 shares. Based on an average daily volume of 891,800 shares, the short-interest ratio is presently 6.3 days.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ACDC. Bank of America increased their price objective on shares of ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Monday. Stifel Nicolaus cut their price target on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.50.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC boosted its holdings in ProFrac by 7.9% during the 2nd quarter. Kestra Advisory Services LLC now owns 13,600 shares of the company’s stock worth $152,000 after acquiring an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in ProFrac by 10.0% during the second quarter. Tower Research Capital LLC TRC now owns 14,381 shares of the company’s stock worth $160,000 after purchasing an additional 1,307 shares during the last quarter. Rhumbline Advisers grew its position in ProFrac by 4.7% in the 3rd quarter. Rhumbline Advisers now owns 35,384 shares of the company’s stock worth $385,000 after purchasing an additional 1,602 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in ProFrac by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 173,568 shares of the company’s stock valued at $1,472,000 after buying an additional 1,820 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of ProFrac by 8.6% during the 2nd quarter. California State Teachers Retirement System now owns 24,874 shares of the company’s stock worth $278,000 after buying an additional 1,978 shares in the last quarter. Institutional investors own 12.75% of the company’s stock.

ProFrac Trading Down 5.9 %

NASDAQ:ACDC opened at $7.49 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62. ProFrac has a one year low of $6.46 and a one year high of $14.32. The company has a market cap of $1.20 billion, a PE ratio of -14.13 and a beta of 0.71. The firm has a 50-day moving average of $7.99 and a 200-day moving average of $8.25.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Friday, March 15th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). The company had revenue of $489.10 million for the quarter, compared to analyst estimates of $594.17 million. ProFrac had a negative net margin of 3.98% and a positive return on equity of 3.04%. As a group, equities research analysts expect that ProFrac will post 0.81 EPS for the current fiscal year.

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.