Goldman Sachs Group Inc. Decreases Holdings in ProFrac Holding Corp. $ACDC

Goldman Sachs Group Inc. trimmed its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 24.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,244 shares of the company’s stock after selling 33,777 shares during the period. Goldman Sachs Group Inc. owned about 0.06% of ProFrac worth $776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bridgeway Capital Management LLC increased its holdings in ProFrac by 10.6% during the first quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock worth $8,859,000 after buying an additional 111,913 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of ProFrac during the 1st quarter valued at approximately $548,000. Nuveen LLC purchased a new stake in shares of ProFrac during the 1st quarter worth approximately $444,000. American Century Companies Inc. increased its stake in shares of ProFrac by 10.4% during the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company’s stock worth $4,431,000 after purchasing an additional 54,908 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of ProFrac by 689.6% in the 1st quarter. GAMMA Investing LLC now owns 45,396 shares of the company’s stock worth $345,000 after purchasing an additional 39,647 shares during the period. 12.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

ProFrac Trading Up 0.6%

NASDAQ ACDC opened at $3.64 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The stock’s 50-day simple moving average is $5.20 and its two-hundred day simple moving average is $6.26. ProFrac Holding Corp. has a twelve month low of $3.43 and a twelve month high of $10.70. The company has a market capitalization of $583.42 million, a price-to-earnings ratio of -2.09 and a beta of 1.65.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) earnings per share (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 during the quarter, compared to analysts’ expectations of $532.93 million. Research analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $4.00 per share, for a total transaction 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 approximately $329,558,628. This trade represents a 3.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Matthew Wilks purchased 43,297 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were purchased at an average price of $3.80 per share, with a total value of $164,528.60. Following the completion of the acquisition, the chairman directly owned 422,097 shares in the company, valued at $1,603,968.60. The trade was a 11.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.