Charles Schwab Investment Management Inc. Sells 17,961 Shares of ProFrac Holding Corp. $ACDC

Charles Schwab Investment Management Inc. cut its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 9.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,700 shares of the company’s stock after selling 17,961 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.10% of ProFrac worth $1,242,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in ProFrac in the fourth quarter worth $469,000. Ameriprise Financial Inc. lifted its stake in ProFrac by 36.2% in the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock worth $1,154,000 after purchasing an additional 39,560 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of ProFrac by 689.6% during 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 last quarter. GSA Capital Partners LLP bought a new position in ProFrac in the first quarter worth about $548,000. Finally, Dimensional Fund Advisors LP raised its stake in ProFrac by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock worth $706,000 after buying an additional 1,860 shares in the last quarter. 12.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, August 20th. 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 report on Wednesday, June 25th. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Morgan Stanley decreased 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. Two analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, ProFrac currently has an average rating of “Strong Sell” and an average target price of $6.10.

ProFrac Stock Down 5.4%

Shares of NASDAQ:ACDC opened at $4.00 on Tuesday. The firm has a market capitalization of $641.12 million, a PE ratio of -2.30 and a beta of 1.65. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. ProFrac Holding Corp. has a 1 year low of $3.43 and a 1 year high of $10.70. The business has a 50 day simple moving average of $6.48 and a two-hundred day simple moving average of $6.64.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $501.90 million during the quarter, compared to analysts’ expectations of $532.93 million. On average, equities analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Buying and Selling at ProFrac

In other news, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $4.00 per share, for a total transaction of $10,000,000.00. Following the completion of the transaction, the insider owned 82,389,657 shares in the company, valued at $329,558,628. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.84% of the stock is owned by 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.