ProFrac Holding Corp. $ACDC Shares Sold by Invesco Ltd.

Invesco Ltd. lowered its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 171,625 shares of the company’s stock after selling 20,409 shares during the quarter. Invesco Ltd. owned approximately 0.11% of ProFrac worth $1,303,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in ACDC. Exchange Traded Concepts LLC boosted its holdings in shares of ProFrac by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after purchasing an additional 9,416 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of ProFrac by 64.7% in the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock valued at $111,000 after purchasing an additional 5,767 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in shares of ProFrac by 11.3% in the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock valued at $127,000 after purchasing an additional 1,670 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of ProFrac in the 4th quarter valued at $136,000. Finally, Jaffetilchin Investment Partners LLC acquired a new position in shares of ProFrac in the 1st quarter valued at $152,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

Insider Transactions 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 purchased at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider directly owned 82,389,657 shares of the company’s stock, valued at approximately $329,558,628. This represents a 3.13% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.84% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. 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 report on Friday, May 16th. Piper Sandler decreased their price target on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, August 20th. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Bank of America downgraded shares of ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a research note on Wednesday, June 25th. Two analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Strong Sell” and a consensus target price of $6.10.

ProFrac Stock Performance

Shares of ACDC stock opened at $4.00 on Tuesday. The company’s fifty day simple moving average is $6.48 and its 200-day simple moving average is $6.64. 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 company has a market cap of $641.12 million, a PE ratio of -2.30 and a beta of 1.65.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share (EPS) 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 firm had revenue of $501.90 million for the quarter, compared to analysts’ expectations of $532.93 million. As a group, equities research analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current year.

ProFrac Company 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.