Short Interest in ProFrac Holding Corp. (NASDAQ:ACDC) Declines By 7.2%

ProFrac Holding Corp. (NASDAQ:ACDC) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 5,660,000 shares, a drop 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 currently 6.3 days.

ProFrac Stock Down 6.2 %

NASDAQ ACDC opened at $7.96 on Wednesday. The stock’s 50 day moving average is $7.98 and its 200 day moving average is $8.25. The company has a current ratio of 0.98, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. ProFrac has a 12 month low of $6.46 and a 12 month high of $14.32. The stock has a market cap of $1.27 billion, a PE ratio of -15.02 and a beta of 0.71.

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

Analysts Set New Price Targets

ACDC has been the topic of several research reports. Bank of America raised their target price on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Monday. Stifel Nicolaus dropped their target price on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, ProFrac has an average rating of “Hold” and an average price target of $12.50.

Institutional Trading of ProFrac

A number of large investors have recently added to or reduced their stakes in ACDC. California State Teachers Retirement System bought a new stake in ProFrac in the 1st quarter worth approximately $290,000. Bank of New York Mellon Corp bought a new stake in ProFrac in the 1st quarter worth approximately $2,071,000. Swiss National Bank bought a new stake in ProFrac in the 1st quarter worth approximately $443,000. Credit Suisse AG bought a new stake in ProFrac in the 1st quarter worth approximately $154,000. Finally, Guggenheim Capital LLC bought a new stake in ProFrac in the 1st quarter worth approximately $386,000. Institutional investors own 12.75% of the company’s stock.

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.