ProFrac Holding Corp. (NASDAQ:ACDC) Holdings Lifted by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 12.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 117,720 shares of the company’s stock after purchasing an additional 12,683 shares during the quarter. Bank of New York Mellon Corp’s holdings in ProFrac were worth $872,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Jump Financial LLC acquired a new stake in ProFrac in the 4th quarter valued at approximately $179,000. Quest Partners LLC acquired a new position in ProFrac during the 4th quarter worth $356,000. Aristides Capital LLC bought a new position in shares of ProFrac in the fourth quarter worth $279,000. CastleKnight Management LP acquired a new position in shares of ProFrac during the fourth quarter valued at $956,000. Finally, First Financial Bankshares Inc bought a new stake in shares of ProFrac during the fourth quarter valued at about $8,580,000. Institutional investors own 12.75% of the company’s stock.

ProFrac Price Performance

NASDAQ:ACDC opened at $6.44 on Friday. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The business’s 50-day moving average price is $6.97 and its 200 day moving average price is $7.74. ProFrac Holding Corp. has a 52-week low of $5.59 and a 52-week high of $11.51. The firm has a market cap of $1.03 billion, a P/E ratio of -6.92 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The business had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. As a group, sell-side analysts predict that ProFrac Holding Corp. will post 0.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ACDC. Stifel Nicolaus decreased their target price on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Bank of America decreased their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Piper Sandler lowered their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc acquired 353,635 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was bought at an average price of $6.17 per share, for a total transaction of $2,181,927.95. Following the transaction, the insider now owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have acquired 1,933,600 shares of company stock worth $12,207,161. 2.93% 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.