Exchange Traded Concepts LLC Increases Stock Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Exchange Traded Concepts LLC grew its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 1,258.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,164 shares of the company’s stock after acquiring an additional 9,416 shares during the quarter. Exchange Traded Concepts LLC’s holdings in ProFrac were worth $77,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ACDC. AlphaQuest LLC bought a new position in shares of ProFrac during the fourth quarter worth $66,000. HighTower Advisors LLC purchased a new stake in ProFrac in the fourth quarter worth $85,000. Private Advisor Group LLC purchased a new position in shares of ProFrac during the fourth quarter valued at $112,000. Quantinno Capital Management LP increased its stake in shares of ProFrac by 11.3% during the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock valued at $127,000 after buying an additional 1,670 shares during the period. Finally, Orion Portfolio Solutions LLC purchased a new position in shares of ProFrac during the fourth quarter valued at $130,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Morgan Stanley lowered their price target on ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a report on Friday, May 16th. Finally, Stifel Nicolaus lowered their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.90.

ProFrac Trading Down 0.2%

ProFrac stock opened at $8.23 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.98 and a debt-to-equity ratio of 0.92. ProFrac Holding Corp. has a 52 week low of $3.83 and a 52 week high of $10.70. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -5.52 and a beta of 1.75. The stock has a 50-day moving average price of $6.68 and a 200 day moving average price of $7.12.

ProFrac (NASDAQ:ACDC) last released its earnings results on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. ProFrac had a negative return on equity of 11.85% and a negative net margin of 10.72%. Sell-side analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Activity at ProFrac

In other ProFrac news, Chairman Matthew Wilks acquired 20,221 shares of the business’s stock in a transaction dated Friday, May 9th. The stock was acquired at an average cost of $4.32 per share, for a total transaction of $87,354.72. Following the completion of the transaction, the chairman now directly owns 308,977 shares of the company’s stock, valued at $1,334,780.64. This represents a 7.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings Lp Thrc purchased 23,584 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average price of $6.12 per share, with a total value of $144,334.08. Following the completion of the transaction, the insider now directly owns 79,258,442 shares of the company’s stock, valued at $485,061,665.04. This represents a 0.03% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 733,996 shares of company stock worth $4,356,960. 2.84% of the stock is owned by corporate insiders.

ProFrac 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.