Hennessy Advisors Inc. Sells 10,000 Shares of ProFrac Holding Corp. $ACDC

Hennessy Advisors Inc. lowered its position in ProFrac Holding Corp. (NASDAQ:ACDC) by 33.3% in the 2nd quarter, Holdings Channel reports. The firm owned 20,000 shares of the company’s stock after selling 10,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in ProFrac were worth $155,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Farther Finance Advisors LLC purchased a new stake in shares of ProFrac in the second quarter worth approximately $29,000. Exchange Traded Concepts LLC grew its position in ProFrac by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after acquiring an additional 9,416 shares during the last quarter. Walleye Capital LLC purchased a new stake in ProFrac in the first quarter worth $97,000. Deutsche Bank AG lifted its position in shares of ProFrac by 64.7% during the first quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after purchasing an additional 5,767 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC purchased a new stake in shares of ProFrac during the first quarter valued at $152,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Trading Up 4.3%

ProFrac stock opened at $4.17 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.91. The stock has a market cap of $668.37 million, a PE ratio of -2.40 and a beta of 1.61. The stock has a 50-day moving average of $4.55 and a two-hundred day moving average of $6.06. ProFrac Holding Corp. has a one year low of $3.43 and a one year high of $10.70.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.38). The company had revenue of $501.90 million for the quarter, compared to analyst estimates of $532.93 million. ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. On average, research analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling at ProFrac

In related news, Chairman Matthew Wilks acquired 43,297 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were purchased at an average cost of $3.80 per share, with a total value of $164,528.60. Following the completion of the acquisition, the chairman directly owned 422,097 shares of the company’s stock, valued at $1,603,968.60. This represents a 11.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holdings Lp Thrc bought 2,500,000 shares of ProFrac stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider directly owned 82,389,657 shares in the company, valued at $329,558,628. The trade was a 3.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler reduced their price target on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 20th. Bank of America lowered shares of ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a research report on Wednesday, June 25th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, ProFrac has a consensus rating of “Strong Sell” and a consensus target price of $6.10.

About ProFrac

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.