ProFrac Holding Corp. (NASDAQ:ACDC) Shares Sold by Entropy Technologies LP

Entropy Technologies LP cut its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 15.6% in the 3rd quarter, Holdings Channel reports. The fund owned 14,077 shares of the company’s stock after selling 2,599 shares during the quarter. Entropy Technologies LP’s holdings in ProFrac were worth $96,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ACDC. nVerses Capital LLC purchased a new stake in shares of ProFrac during the second quarter worth approximately $44,000. Squarepoint Ops LLC purchased a new position in ProFrac during the 2nd quarter worth $150,000. Virtu Financial LLC acquired a new stake in shares of ProFrac in the 1st quarter worth $401,000. Point72 Asset Management L.P. purchased a new stake in shares of ProFrac in the second quarter valued at about $365,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of ProFrac by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after acquiring an additional 5,312 shares during the period. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Stock Down 4.2 %

ACDC opened at $6.43 on Monday. ProFrac Holding Corp. has a one year low of $5.16 and a one year high of $9.75. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -4.56 and a beta of 0.84. The business’s fifty day moving average is $6.60 and its two-hundred day moving average is $7.32. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of ProFrac stock in a transaction on Friday, August 30th. The shares were bought at an average price of $6.99 per share, with a total value of $42,890.64. Following the completion of the acquisition, the insider now directly owns 77,411,356 shares of the company’s stock, valued at approximately $541,105,378.44. This trade represents a 0.01 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have acquired 1,392,217 shares of company stock valued at $8,882,821. Insiders own 2.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ACDC. Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a report on Friday, October 11th. Bank of America restated a “hold” rating and set a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th. Finally, Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th.

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.