Renaissance Technologies LLC Sells 45,925 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Renaissance Technologies LLC lessened its stake in ProFrac Holding Corp. (NASDAQ:ACDC) by 20.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,974 shares of the company’s stock after selling 45,925 shares during the quarter. Renaissance Technologies LLC owned about 0.11% of ProFrac worth $1,348,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new stake in shares of ProFrac in the 2nd quarter valued at about $44,000. Delta Investment Management LLC raised its holdings in ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after purchasing an additional 5,000 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of ProFrac during the first quarter worth $357,000. Virtu Financial LLC acquired a new position in shares of ProFrac in the 1st quarter valued at $401,000. Finally, Dimensional Fund Advisors LP increased 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 valued at $660,000 after buying an additional 5,312 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Stock Down 3.0 %

Shares of ProFrac stock opened at $7.39 on Friday. ProFrac Holding Corp. has a 52-week low of $5.59 and a 52-week high of $10.14. 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 business’s 50 day simple moving average is $6.76 and its 200 day simple moving average is $7.68. The firm has a market cap of $1.18 billion, a PE ratio of -7.95 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS 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%. On average, analysts predict that ProFrac Holding Corp. will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $6.49 per share, for a total transaction of $843,700.00. Following the completion of the acquisition, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders purchased 1,933,600 shares of company stock worth $12,207,161 in the last quarter. Corporate insiders own 2.93% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ACDC shares. Piper Sandler lowered their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Stifel Nicolaus lowered their target price on ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, 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 research note on Monday, July 15th.

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.