Pinnacle Associates Ltd. Raises Position in ProFrac Holding Corp. (NASDAQ:ACDC)

Pinnacle Associates Ltd. increased its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 39.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,405 shares of the company’s stock after buying an additional 33,139 shares during the quarter. Pinnacle Associates Ltd. owned 0.07% of ProFrac worth $790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ACDC. nVerses Capital LLC purchased a new position in shares of ProFrac in the second quarter worth $44,000. Delta Investment Management LLC raised its stake in ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after acquiring an additional 5,000 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in ProFrac during the 2nd quarter worth about $150,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of ProFrac in the first quarter valued at about $357,000. Finally, Virtu Financial LLC purchased a new position in shares of ProFrac in the first quarter worth about $401,000. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Price Performance

Shares of ProFrac stock opened at $5.96 on Friday. The firm has a market cap of $954.49 million, a PE ratio of -4.48 and a beta of 0.84. The business has a 50-day moving average price of $6.54 and a 200 day moving average price of $7.40. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. ProFrac Holding Corp. has a twelve month low of $5.16 and a twelve month high of $10.14.

ProFrac (NASDAQ:ACDC) last announced 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). The business had revenue of $579.40 million for the quarter, compared to analyst estimates 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 predict that ProFrac Holding Corp. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc acquired 353,635 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the acquisition, the insider now owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 1,933,600 shares of company stock valued at $12,207,161 over the last 90 days. Corporate insiders own 2.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Friday, October 11th. Piper Sandler decreased their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th.

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.