Quest Partners LLC Decreases Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Quest Partners LLC decreased its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 21.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 22,391 shares of the company’s stock after selling 6,223 shares during the quarter. Quest Partners LLC’s holdings in ProFrac were worth $166,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. nVerses Capital LLC purchased a new position in ProFrac in the 2nd quarter worth approximately $44,000. Delta Investment Management LLC increased its holdings 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 during the last quarter. Jump Financial LLC purchased a new position in ProFrac during the fourth quarter worth approximately $179,000. Aristides Capital LLC acquired a new position in ProFrac during the fourth quarter worth $279,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in ProFrac in the 1st quarter valued at $357,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Trading Up 1.3 %

NASDAQ ACDC opened at $6.20 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. The firm has a market cap of $991.60 million, a price-to-earnings ratio of -6.67 and a beta of 0.81. The firm has a 50 day simple moving average of $7.09 and a 200-day simple moving average of $7.80. ProFrac Holding Corp. has a one year low of $5.59 and a one year high of $11.94.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS 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 business had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. Equities research analysts anticipate that ProFrac Holding Corp. will post 0.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACDC has been the subject of a number of analyst reports. Bank of America dropped 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. Stifel Nicolaus reduced their price target 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. 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.

Insider Buying and Selling

In related news, major shareholder Holdings Lp Thrc acquired 6,136 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of $6.99 per share, for a total transaction of $42,890.64. Following the purchase, the insider now owns 77,411,356 shares of the company’s stock, valued at approximately $541,105,378.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders purchased 1,579,965 shares of company stock valued at $10,025,233 in the last three months. 2.93% of the stock is owned by corporate insiders.

ProFrac 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.