Russell Investments Group Ltd. Cuts Stock Holdings in ProFrac Holding Corp. $ACDC

Russell Investments Group Ltd. decreased its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 93.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,002 shares of the company’s stock after selling 97,025 shares during the quarter. Russell Investments Group Ltd.’s holdings in ProFrac were worth $53,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in shares of ProFrac during the fourth quarter valued at approximately $469,000. Ameriprise Financial Inc. grew its holdings in shares of ProFrac by 36.2% during the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock valued at $1,154,000 after buying an additional 39,560 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 buying an additional 39,647 shares during the last quarter. GSA Capital Partners LLP bought a new position in ProFrac during the 1st quarter valued at about $548,000. Finally, Dimensional Fund Advisors LP lifted its stake in ProFrac by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock valued at $706,000 after acquiring an additional 1,860 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Price Performance

Shares of ACDC stock opened at $3.81 on Friday. ProFrac Holding Corp. has a 12 month low of $3.43 and a 12 month high of $10.70. The stock has a market cap of $610.67 million, a P/E ratio of -2.19 and a beta of 1.64. 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 50 day simple moving average of $6.23 and a two-hundred day simple moving average of $6.57.

ProFrac (NASDAQ:ACDC) last announced 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 net margin of 12.89% and a negative return on equity of 22.78%. The business had revenue of $501.90 million for the quarter, compared to analysts’ expectations of $532.93 million. On average, research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the acquisition, the insider 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Bank of America cut shares of ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a report on Wednesday, June 25th. Piper Sandler dropped their target price 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. Finally, Morgan Stanley dropped their target price 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 equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Sell” and a consensus price target of $6.10.

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.