49,242 Shares in ProFrac Holding Corp. (NASDAQ:ACDC) Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. acquired a new stake in ProFrac Holding Corp. (NASDAQ:ACDC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 49,242 shares of the company’s stock, valued at approximately $365,000.

Other institutional investors have also recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in ProFrac in the 2nd quarter worth about $44,000. Delta Investment Management LLC grew its position in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of ProFrac in the second quarter valued at approximately $150,000. Susquehanna Fundamental Investments LLC purchased a new position in ProFrac during the first quarter worth approximately $357,000. Finally, Virtu Financial LLC acquired a new position in ProFrac during the first quarter worth $401,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Trading Down 3.0 %

NASDAQ ACDC opened at $7.39 on Friday. The firm’s 50-day moving average is $6.77 and its two-hundred day moving average is $7.68. The stock has a market capitalization of $1.18 billion, a P/E ratio of -7.95 and a beta of 0.81. ProFrac Holding Corp. has a 12 month low of $5.59 and a 12 month high of $10.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The company had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. On average, sell-side analysts anticipate that ProFrac Holding Corp. will post -0.18 earnings per share for the current year.

Insider Activity

In other ProFrac news, major shareholder Holdings Lp Thrc bought 130,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $6.49 per share, with a total value of $843,700.00. Following the purchase, the insider now directly owns 76,800,545 shares in the company, valued at approximately $498,435,537.05. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders acquired 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

Several research analysts have recently commented on ACDC shares. Piper Sandler reduced their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. 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 report on Monday, August 12th. Finally, Bank of America dropped their price target on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Monday, July 15th.

ProFrac Company 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.