Delta Investment Management LLC Has $81,000 Holdings in ProFrac Holding Corp. $ACDC

Delta Investment Management LLC cut its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 48.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,469 shares of the company’s stock after selling 10,000 shares during the quarter. Delta Investment Management LLC’s holdings in ProFrac were worth $81,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ACDC. Farther Finance Advisors LLC acquired a new stake in ProFrac during the 2nd quarter worth about $29,000. Walleye Capital LLC acquired a new stake in ProFrac during the 1st quarter worth about $97,000. Deutsche Bank AG boosted its position in ProFrac by 64.7% during the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after acquiring an additional 5,767 shares during the period. Drive Wealth Management LLC acquired a new stake in ProFrac during the 2nd quarter worth about $111,000. Finally, Cannon Global Investment Management LLC acquired a new stake in ProFrac during the 2nd quarter worth about $132,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Price Performance

ACDC opened at $4.31 on Tuesday. The business has a 50 day moving average price of $3.89 and a 200 day moving average price of $5.75. ProFrac Holding Corp. has a twelve month low of $3.43 and a twelve month high of $10.70. 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 firm has a market cap of $779.55 million, a P/E ratio of -2.48 and a beta of 1.61.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Morgan Stanley set a $4.50 price target on ProFrac and gave the stock an “underweight” rating in a research note on Friday, October 17th. Piper Sandler cut their price target on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, ProFrac has an average rating of “Strong Sell” and an average price target of $5.80.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the transaction, the insider directly owned 82,389,657 shares in the company, valued at approximately $329,558,628. This represents a 3.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Matthew Wilks purchased 43,297 shares of the company’s stock in a transaction on Monday, September 8th. The stock was acquired at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the transaction, the chairman owned 422,097 shares in the company, valued at approximately $1,603,968.60. This trade represents a 11.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.64% of the company’s stock.

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.