Hennessy Advisors Inc. Increases Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Hennessy Advisors Inc. lifted its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 50.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 30,000 shares of the company’s stock after acquiring an additional 10,000 shares during the period. Hennessy Advisors Inc.’s holdings in ProFrac were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of ProFrac by 110.7% during the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after purchasing an additional 3,021 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in ProFrac during the fourth quarter worth about $57,000. Townsquare Capital LLC bought a new stake in ProFrac in the third quarter worth about $87,000. Quantinno Capital Management LP purchased a new position in ProFrac in the third quarter valued at about $100,000. Finally, Squarepoint Ops LLC bought a new position in shares of ProFrac during the 2nd quarter valued at approximately $150,000. 12.75% of the stock is currently owned by institutional investors.

ProFrac Trading Down 3.4 %

NASDAQ:ACDC opened at $8.91 on Friday. The company has a market cap of $1.43 billion, a P/E ratio of -6.32 and a beta of 1.20. ProFrac Holding Corp. has a 1 year low of $5.16 and a 1 year high of $9.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock’s fifty day moving average price is $7.80 and its two-hundred day moving average price is $7.21.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ACDC shares. Stifel Nicolaus lowered their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a research note on Friday, December 6th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.