ProFrac Holding Corp. $ACDC Shares Purchased by First Financial Bankshares Inc

First Financial Bankshares Inc boosted its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 30.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,204,795 shares of the company’s stock after purchasing an additional 973,062 shares during the quarter. First Financial Bankshares Inc owned approximately 2.32% of ProFrac worth $15,558,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the last quarter. Raymond James Financial Inc. acquired a new position in ProFrac during the second quarter worth about $29,000. BNP Paribas Financial Markets lifted its holdings in shares of ProFrac by 389.4% in the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after purchasing an additional 4,871 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of ProFrac in the third quarter valued at about $58,000. Finally, Delta Investment Management LLC grew its position in shares of ProFrac by 95.5% in the third quarter. Delta Investment Management LLC now owns 20,469 shares of the company’s stock valued at $76,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ACDC shares. Morgan Stanley restated an “underweight” rating and set a $4.00 price objective on shares of ProFrac in a research report on Wednesday, January 21st. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $5.38.

ProFrac Stock Down 3.8%

ACDC stock opened at $5.11 on Tuesday. The company has a 50 day moving average price of $4.65 and a two-hundred day moving average price of $4.28. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.63 and a current ratio of 0.91. The stock has a market capitalization of $924.25 million, a P/E ratio of -2.49 and a beta of 1.69. ProFrac Holding Corp. has a one year low of $3.08 and a one year high of $10.70.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.