Monashee Investment Management LLC grew its holdings in shares of ProFrac Holding Corp. (NASDAQ:PFHC – Get Rating) by 216.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 95,000 shares of the company's stock after purchasing an additional 65,000 shares during the period. Monashee Investment Management LLC's holdings in ProFrac were worth $1,445,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Driehaus Capital Management LLC bought a new stake in ProFrac during the second quarter worth approximately $17,699,000. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of ProFrac during the 2nd quarter worth $16,051,000. Emerald Advisers LLC acquired a new position in shares of ProFrac in the 2nd quarter worth $16,021,000. Citadel Advisors LLC acquired a new stake in shares of ProFrac during the second quarter worth $15,175,000. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of ProFrac during the second quarter valued at $14,648,000. Institutional investors and hedge funds own 20.68% of the company's stock.
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Shares of PFHC opened at $24.93 on Friday. ProFrac Holding Corp. has a 52 week low of $13.18 and a 52 week high of $23.62. The company has a quick ratio of 1.20, a current ratio of 1.63 and a debt-to-equity ratio of 2.35. The company's 50 day moving average price is $23.48 and its 200 day moving average price is $20.24.
Analyst Upgrades and Downgrades
Separately, Morgan Stanley upped their price objective on shares of ProFrac from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, September 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $27.42.About ProFrac
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ProFrac Holding Corp., a vertically integrated and energy services company, provides hydraulic fracturing, completion, and other products and services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.
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