SG Americas Securities LLC Takes Position in ProFrac Holding Corp. (NASDAQ:ACDC)

SG Americas Securities LLC bought a new stake in ProFrac Holding Corp. (NASDAQ:ACDC) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 14,759 shares of the company’s stock, valued at approximately $115,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC boosted its stake in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares during the last quarter. Empowered Funds LLC acquired a new position in ProFrac during the 3rd quarter valued at about $3,764,000. Charles Schwab Investment Management Inc. boosted its stake in ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after purchasing an additional 6,063 shares during the last quarter. Arete Wealth Advisors LLC boosted its stake in ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after purchasing an additional 107,908 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in ProFrac by 39.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after purchasing an additional 33,139 shares during the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Price Performance

ProFrac stock opened at $7.93 on Wednesday. ProFrac Holding Corp. has a 52 week low of $5.16 and a 52 week high of $9.75. The company’s 50 day moving average price is $7.86 and its two-hundred day moving average price is $7.22. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.27 billion, a P/E ratio of -5.62 and a beta of 1.19.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ACDC. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research note on Friday, December 6th. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Finally, Stifel Nicolaus dropped their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.20.

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.