ProFrac Holding Corp. (NASDAQ:ACDC) Sees Large Decline in Short Interest

Posted by Defense World Staff on Oct 17th, 2023

ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,940,000 shares, a decrease of 5.2% from the September 15th total of 3,100,000 shares. Based on an average daily volume of 588,100 shares, the days-to-cover ratio is currently 5.0 days.

Analysts Set New Price Targets

Separately, Stifel Nicolaus reduced their target price on ProFrac from $22.00 to $18.00 in a report on Wednesday, July 12th.

Read Our Latest Stock Analysis on ProFrac

ProFrac Stock Performance

Shares of ACDC stock opened at $9.47 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.99. ProFrac has a 52 week low of $8.82 and a 52 week high of $27.00. The company’s 50 day moving average price is $10.76 and its two-hundred day moving average price is $11.58. The company has a market capitalization of $1.51 billion, a P/E ratio of 4.14 and a beta of 0.88.

ProFrac (NASDAQ:ACDC – Get Free Report) last posted its quarterly earnings data on Thursday, August 10th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.09). The company had revenue of $709.20 million during the quarter, compared to the consensus estimate of $749.97 million. ProFrac had a net margin of 3.44% and a negative return on equity of 202.01%. On average, analysts expect that ProFrac will post 1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Sandia Investment Management LP acquired a new position in ProFrac during the 1st quarter worth approximately $32,000. Cullen Frost Bankers Inc. acquired a new position in ProFrac during the second quarter worth $43,000. Quarry LP bought a new position in ProFrac in the first quarter valued at $68,000. Citigroup Inc. increased its stake in ProFrac by 1,789.0% in the 2nd quarter. Citigroup Inc. now owns 7,707 shares of the company’s stock valued at $86,000 after buying an additional 7,299 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in ProFrac during the 1st quarter worth about $90,000.

ProFrac Company Profile

(Get Free Report)

ProFrac Holding Corp., an integrated energy services company, provides stimulation services, proppants production, and other complementary products and services to oil and gas companies in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.