Sagefield Capital LP Cuts Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Sagefield Capital LP lessened its position in ProFrac Holding Corp. (NASDAQ:ACDC) by 20.6% during the second quarter, Holdings Channel reports. The fund owned 253,577 shares of the company’s stock after selling 65,742 shares during the period. Sagefield Capital LP’s holdings in ProFrac were worth $1,879,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ACDC. nVerses Capital LLC bought a new position in shares of ProFrac during the 2nd quarter valued at about $44,000. Delta Investment Management LLC grew its position in ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares during the last quarter. Jump Financial LLC purchased a new position in shares of ProFrac during the fourth quarter worth approximately $179,000. Aristides Capital LLC bought a new stake in shares of ProFrac in the 4th quarter worth approximately $279,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of ProFrac in the 1st quarter valued at $357,000. Institutional investors own 12.75% of the company’s stock.

ProFrac Stock Performance

ProFrac stock opened at $6.61 on Tuesday. ProFrac Holding Corp. has a 1-year low of $5.59 and a 1-year high of $11.51. The firm has a market cap of $1.06 billion, a P/E ratio of -7.11 and a beta of 0.81. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average of $6.94 and a 200-day moving average of $7.73.

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

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $6.49 per share, with a total value of $843,700.00. Following the purchase, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders have purchased 1,933,600 shares of company stock valued at $12,207,161. 2.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

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.