Sagefield Capital LP Reduces Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Sagefield Capital LP lowered its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 20.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 253,577 shares of the company’s stock after selling 65,742 shares during the period. Sagefield Capital LP owned 0.16% of ProFrac worth $1,879,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ACDC. First Financial Bankshares Inc purchased a new stake in ProFrac in the fourth quarter worth $8,580,000. American Century Companies Inc. increased its holdings in ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after acquiring an additional 132,108 shares during the last quarter. CastleKnight Management LP purchased a new stake in ProFrac in the 4th quarter worth about $956,000. Virtu Financial LLC bought a new stake in ProFrac in the 1st quarter valued at about $401,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in ProFrac during the first quarter valued at about $357,000. Institutional investors own 12.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. 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 research note on Monday, August 12th. Bank of America lowered their target price 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 cut 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.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $6.61 on Tuesday. The company has a 50 day moving average of $6.94 and a 200 day moving average of $7.73. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.06 billion, a P/E ratio of -7.11 and a beta of 0.81. ProFrac Holding Corp. has a 12 month low of $5.59 and a 12 month high of $11.51.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The firm had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, sell-side analysts forecast that ProFrac Holding Corp. will post 0.05 EPS for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $6.99 per share, with a total value of $42,890.64. Following the acquisition, the insider now directly owns 77,411,356 shares in the company, valued at approximately $541,105,378.44. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 1,933,600 shares of company stock worth $12,207,161 over the last ninety days. 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.