Bank of New York Mellon Corp Sells 4,346 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Bank of New York Mellon Corp lessened its position in ProFrac Holding Corp. (NASDAQ:ACDC) by 0.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,781,435 shares of the company’s stock after selling 4,346 shares during the quarter. Bank of New York Mellon Corp owned about 1.11% of ProFrac worth $13,521,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ACDC. Jaffetilchin Investment Partners LLC acquired a new position in ProFrac in the 1st quarter valued at approximately $152,000. Inscription Capital LLC bought a new position in shares of ProFrac during the 1st quarter worth about $206,000. Exchange Traded Concepts LLC boosted its position in shares of ProFrac by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after acquiring an additional 9,416 shares in the last quarter. GAMMA Investing LLC increased its stake in ProFrac by 689.6% in the first quarter. GAMMA Investing LLC now owns 45,396 shares of the company’s stock valued at $345,000 after acquiring an additional 39,647 shares during the period. Finally, Quantinno Capital Management LP raised its position in ProFrac by 11.3% in the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after purchasing an additional 1,670 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Trading Down 2.0%

ACDC opened at $7.93 on Friday. The stock has a market capitalization of $1.27 billion, a P/E ratio of -5.32 and a beta of 1.69. The company has a current ratio of 0.98, a quick ratio of 0.69 and a debt-to-equity ratio of 0.92. ProFrac Holding Corp. has a 12 month low of $3.83 and a 12 month high of $10.70. The firm’s fifty day simple moving average is $7.83 and its 200 day simple moving average is $7.15.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative net margin of 10.72% and a negative return on equity of 11.85%. As a group, research analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insider Transactions at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 390,253 shares of the stock in a transaction on Thursday, May 15th. The shares were purchased at an average cost of $6.10 per share, with a total value of $2,380,543.30. Following the acquisition, the insider directly owned 79,648,695 shares in the company, valued at $485,857,039.50. The trade was a 0.49% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Matthew Wilks bought 69,176 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were bought at an average price of $4.85 per share, with a total value of $335,503.60. Following the completion of the transaction, the chairman owned 378,153 shares in the company, valued at approximately $1,834,042.05. This trade represents a 22.39% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 733,996 shares of company stock valued at $4,356,960 in the last quarter. 2.84% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley reduced their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Piper Sandler started coverage on shares of ProFrac in a research report on Monday, July 14th. They issued a “neutral” rating and a $8.00 price objective for the company. Wall Street Zen raised shares of ProFrac from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Tuesday, April 15th. Finally, Bank of America cut ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price for the company. in a research note on Wednesday, June 25th. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.50.

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.