ProFrac Holding Corp. (NASDAQ:ACDC) Short Interest Down 6.2% in April

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 volume of 937,400 shares, the short-interest ratio is presently 5.7 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its stake in ProFrac by 42.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock valued at $58,000 after buying an additional 2,034 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of ProFrac by 34.9% in the 4th quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $987,000 after acquiring an additional 30,085 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of ProFrac in the 3rd quarter valued at $159,000. New York State Common Retirement Fund increased its stake in shares of ProFrac by 56.4% in the 3rd quarter. New York State Common Retirement Fund now owns 48,661 shares of the company’s stock valued at $529,000 after acquiring an additional 17,539 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of ProFrac by 5.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 172,244 shares of the company’s stock valued at $1,874,000 after acquiring an additional 8,265 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Trading Down 2.7 %

Shares of ACDC stock opened at $8.01 on Tuesday. The firm has a market capitalization of $1.28 billion, a P/E ratio of -15.11 and a beta of 0.71. ProFrac has a twelve month low of $6.46 and a twelve month high of $14.32. The company has a quick ratio of 0.62, a current ratio of 0.98 and a debt-to-equity ratio of 0.74. The stock’s fifty day simple moving average is $8.13 and its 200 day simple moving average is $8.15.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Friday, March 15th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). The firm had revenue of $489.10 million for the quarter, compared to the consensus estimate of $594.17 million. ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. As a group, sell-side analysts predict that ProFrac will post 0.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACDC has been the subject of several research reports. Stifel Nicolaus dropped their price target on ProFrac from $12.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, March 14th. Bank of America lifted their price objective on ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.