Nuveen LLC Invests $444,000 in ProFrac Holding Corp. $ACDC

Nuveen LLC purchased a new position in ProFrac Holding Corp. (NASDAQ:ACDC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 58,520 shares of the company’s stock, valued at approximately $444,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Deutsche Bank AG boosted its holdings in shares of ProFrac by 64.7% in the first quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after buying an additional 5,767 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in ProFrac during the first quarter valued at $548,000. Jaffetilchin Investment Partners LLC purchased a new stake in ProFrac during the first quarter valued at $152,000. Inscription Capital LLC purchased a new stake in ProFrac during the first quarter valued at $206,000. Finally, Exchange Traded Concepts LLC raised its stake in ProFrac by 1,258.8% during the first 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 in the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Price Performance

Shares of NASDAQ ACDC opened at $3.81 on Friday. The firm has a market cap of $610.67 million, a PE ratio of -2.19 and a beta of 1.64. The firm has a fifty day moving average of $6.23 and a 200 day moving average of $6.57. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.91. ProFrac Holding Corp. has a one year low of $3.43 and a one year high of $10.70.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.38). The company had revenue of $501.90 million during the quarter, compared to analysts’ expectations of $532.93 million. ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%. As a group, research analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the acquisition, the insider owned 82,389,657 shares of the company’s stock, valued at $329,558,628. This trade represents a 3.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.84% of the company’s stock.

Analysts Set New Price Targets

ACDC has been the topic of several recent analyst reports. 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. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Piper Sandler dropped their price objective on ProFrac from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 20th. Finally, Morgan Stanley lowered 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. Two analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $6.10.

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.