Empowered Funds LLC Makes New Investment in ProFrac Holding Corp. (NASDAQ:ACDC)

Empowered Funds LLC bought a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 554,397 shares of the company’s stock, valued at approximately $3,764,000.

A number of other large investors also recently modified their holdings of the business. American Century Companies Inc. raised its stake in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after acquiring an additional 132,108 shares during the period. Marshall Wace LLP raised its position in shares of ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after purchasing an additional 12,683 shares during the last quarter. Pinnacle Associates Ltd. boosted its position 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 period. Finally, Dimensional Fund Advisors LP increased its position in ProFrac by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after buying an additional 5,312 shares during the period. 12.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ProFrac

In other news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was purchased at an average cost of $6.99 per share, with a total value of $42,890.64. Following the purchase, the insider now owns 77,411,356 shares in the company, valued at $541,105,378.44. This trade represents a 0.01 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have purchased 1,345,218 shares of company stock valued at $8,578,268. Company insiders own 2.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research report on Friday, October 11th. Finally, Bank of America reaffirmed a “hold” rating and set a $7.50 price target on shares of ProFrac in a report on Monday, October 14th.

ProFrac Price Performance

Shares of NASDAQ ACDC opened at $6.83 on Tuesday. The stock has a market cap of $1.09 billion, a P/E ratio of -4.84 and a beta of 0.84. The firm’s 50-day simple moving average is $6.61 and its 200 day simple moving average is $7.32. ProFrac Holding Corp. has a fifty-two week low of $5.16 and a fifty-two week high of $9.75. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

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.