American Century Companies Inc. Raises Stake in ProFrac Holding Corp. $ACDC

American Century Companies Inc. boosted its stake in ProFrac Holding Corp. (NASDAQ:ACDC) by 10.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 583,820 shares of the company’s stock after purchasing an additional 54,908 shares during the quarter. American Century Companies Inc. owned about 0.36% of ProFrac worth $4,431,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in ProFrac in the fourth quarter valued at approximately $469,000. Ameriprise Financial Inc. grew its holdings in ProFrac by 36.2% in the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock valued at $1,154,000 after purchasing an additional 39,560 shares during the period. GAMMA Investing LLC grew its holdings 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 purchasing an additional 39,647 shares during the period. GSA Capital Partners LLP purchased a new stake in ProFrac in the first quarter valued at approximately $548,000. Finally, Dimensional Fund Advisors LP grew its holdings in ProFrac by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock valued at $706,000 after purchasing an additional 1,860 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ACDC. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Morgan Stanley reduced their price target on shares of ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Piper Sandler reduced their price target on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 20th. Finally, Bank of America cut shares of ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 price target on the stock. in a research report on Wednesday, June 25th. Two 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, ProFrac presently has a consensus rating of “Strong Sell” and a consensus target price of $6.10.

ProFrac Trading Down 5.4%

NASDAQ ACDC opened at $4.00 on Friday. The company’s fifty day simple moving average is $6.57 and its 200-day simple moving average is $6.68. ProFrac Holding Corp. has a 52 week low of $3.43 and a 52 week high of $10.70. The company has a current ratio of 0.91, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. The stock has a market cap of $641.12 million, a P/E ratio of -2.30 and a beta of 1.67.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.38). ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%.The firm had revenue of $501.90 million for the quarter, compared to analyst estimates of $532.93 million. Equities research analysts predict 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 2,500,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the acquisition, the insider directly owned 82,389,657 shares of the company’s stock, valued at approximately $329,558,628. The trade was a 3.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.84% of the stock is owned by corporate insiders.

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.