Inscription Capital LLC Makes New $206,000 Investment in ProFrac Holding Corp. (NASDAQ:ACDC)

Inscription Capital LLC acquired a new position in ProFrac Holding Corp. (NASDAQ:ACDC) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 24,653 shares of the company’s stock, valued at approximately $206,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets bought a new position in ProFrac in the fourth quarter worth $469,000. Ameriprise Financial Inc. raised its stake in shares of ProFrac by 36.2% in the 4th quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock valued at $1,154,000 after buying an additional 39,560 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock worth $3,313,000 after acquiring an additional 146,028 shares during the period. American Century Companies Inc. boosted its position in shares of ProFrac by 12.8% during the 4th quarter. American Century Companies Inc. now owns 528,912 shares of the company’s stock valued at $4,104,000 after acquiring an additional 59,908 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock valued at $13,858,000 after acquiring an additional 1,692,908 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Trading Down 8.6%

Shares of ProFrac stock opened at $9.62 on Thursday. ProFrac Holding Corp. has a 12-month low of $3.83 and a 12-month high of $10.70. The stock has a market capitalization of $1.54 billion, a P/E ratio of -6.46 and a beta of 1.75. The company has a 50-day simple moving average of $6.34 and a 200 day simple moving average of $7.11. The company has a quick ratio of 0.69, a current ratio of 0.98 and a debt-to-equity ratio of 0.92.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative net margin of 10.72% and a negative return on equity of 11.85%. Research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on ACDC. Stifel Nicolaus dropped their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, April 15th. Morgan Stanley lowered their price objective on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research note on Friday, May 16th. Finally, Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.90.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 207,163 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $6.25 per share, with a total value of $1,294,768.75. Following the completion of the acquisition, the insider now directly owns 79,855,858 shares of the company’s stock, valued at $499,099,112.50. This represents a 0.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Matthew Wilks purchased 69,176 shares of ProFrac stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of $4.85 per share, for a total transaction of $335,503.60. Following the transaction, the chairman now owns 378,153 shares in the company, valued at $1,834,042.05. This represents a 22.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 733,996 shares of company stock worth $4,356,960 in the last three months. Insiders own 2.84% of the company’s stock.

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.