Point72 Asset Management L.P. Acquires New Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Point72 Asset Management L.P. bought a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 49,242 shares of the company’s stock, valued at approximately $365,000.

A number of other large investors have also recently made changes to their positions in ACDC. Squarepoint Ops LLC purchased a new position in ProFrac during the 2nd quarter worth $150,000. Marshall Wace LLP grew its holdings in ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after purchasing an additional 5,312 shares during the period. American Century Companies Inc. raised its stake in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after buying an additional 132,108 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in ProFrac during the second quarter worth $44,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ACDC shares. Stifel Nicolaus reduced their target price on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 12th. Bank of America cut their price target on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, 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.

ProFrac Stock Down 3.0 %

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

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

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 411,383 shares of ProFrac stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $6.03 per share, for a total transaction of $2,480,639.49. Following the purchase, the insider now owns 76,611,928 shares of the company’s stock, valued at approximately $461,969,925.84. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 1,933,600 shares of company stock worth $12,207,161 over the last quarter. Insiders own 2.93% of the company’s stock.

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.