Empowered Funds LLC Takes Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Empowered Funds LLC purchased a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 554,397 shares of the company’s stock, valued at approximately $3,764,000. Empowered Funds LLC owned 0.35% of ProFrac at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in shares of ProFrac in the first quarter worth about $401,000. Bank of New York Mellon Corp lifted its position in ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after acquiring an additional 12,683 shares in the last quarter. nVerses Capital LLC purchased a new position in ProFrac in the 2nd quarter worth approximately $44,000. American Century Companies Inc. grew its position in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after acquiring an additional 132,108 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of ProFrac by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after purchasing an additional 5,312 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Trading Up 6.2 %

ACDC opened at $6.83 on Tuesday. ProFrac Holding Corp. has a 12-month low of $5.16 and a 12-month high of $9.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a market capitalization of $1.09 billion, a PE ratio of -4.84 and a beta of 0.84. The firm’s fifty day moving average price is $6.61 and its 200 day moving average price is $7.32.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the purchase, the insider now owns 79,197,549 shares of the company’s stock, valued at approximately $488,648,877.33. This trade represents a 0.45 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders purchased 1,345,218 shares of company stock valued at $8,578,268. Insiders own 2.93% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.