Hennessy Advisors Inc. Acquires 10,000 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Hennessy Advisors Inc. boosted its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 50.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,000 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in ProFrac were worth $233,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its stake in shares of ProFrac by 72.0% in the 2nd 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. Hotchkis & Wiley Capital Management LLC grew its holdings in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares during the period. Marshall Wace LLP increased its stake in ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Barclays PLC raised its holdings in shares of ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares during the period. Finally, Arete Wealth Advisors LLC boosted its position in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after purchasing an additional 107,908 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Stock Down 3.4 %

ACDC stock opened at $8.91 on Friday. The stock’s 50 day moving average is $7.80 and its 200-day moving average is $7.21. ProFrac Holding Corp. has a twelve month low of $5.16 and a twelve month high of $9.75. The firm has a market capitalization of $1.43 billion, a PE ratio of -6.32 and a beta of 1.20. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

Analyst Ratings Changes

A number of analysts recently commented on ACDC shares. Bank of America reaffirmed a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th. Stifel Nicolaus decreased their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Finally, Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock 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.