ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Update

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 5,310,000 shares, a drop of 6.2% from the March 31st total of 5,660,000 shares. Based on an average daily trading volume, of 937,400 shares, the days-to-cover ratio is currently 5.7 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ACDC. First Financial Bankshares Inc purchased a new position in ProFrac in the 4th quarter worth approximately $8,580,000. Bank of New York Mellon Corp grew its stake in ProFrac by 5.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 172,244 shares of the company’s stock worth $1,874,000 after buying an additional 8,265 shares in the last quarter. Russell Investments Group Ltd. grew its stake in ProFrac by 712.8% in the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after buying an additional 130,757 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in ProFrac by 34.9% in the 4th quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $987,000 after buying an additional 30,085 shares in the last quarter. Finally, CastleKnight Management LP purchased a new position in ProFrac in the 4th quarter worth approximately $956,000. 12.75% of the stock is currently owned by institutional investors.

ProFrac Trading Down 6.1 %

Shares of ACDC opened at $6.83 on Thursday. The business has a 50-day moving average of $8.12 and a 200 day moving average of $8.14. ProFrac has a fifty-two week low of $6.46 and a fifty-two week high of $14.32. The firm has a market cap of $1.09 billion, a P/E ratio of -12.89 and a beta of 0.71. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.98.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Friday, March 15th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). The firm had revenue of $489.10 million during the quarter, compared to the consensus estimate 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, research analysts forecast that ProFrac will post 0.84 EPS for the current year.

Analysts Set New Price Targets

ACDC has been the subject of a number of recent analyst reports. Bank of America increased their target price on shares of ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Monday, April 15th. Stifel Nicolaus reduced their price target on shares of ProFrac from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.50.

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.