ProFrac Holding Corp. $ACDC Shares Bought by Empowered Funds LLC

Empowered Funds LLC lifted its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 627,062 shares of the company’s stock after buying an additional 32,382 shares during the quarter. Empowered Funds LLC owned approximately 0.39% of ProFrac worth $4,866,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ACDC. Farther Finance Advisors LLC acquired a new stake in ProFrac in the 2nd quarter valued at $29,000. Walleye Capital LLC acquired a new stake in shares of ProFrac in the first quarter valued at about $97,000. Creative Planning purchased a new stake in shares of ProFrac during the second quarter worth about $102,000. Deutsche Bank AG raised its position in shares of 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 purchasing an additional 5,767 shares during the last quarter. Finally, Drive Wealth Management LLC purchased a new position in ProFrac in the 2nd quarter valued at about $111,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Morgan Stanley set a $4.50 price objective on ProFrac and gave the stock an “underweight” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ProFrac in a research report on Wednesday. Zacks Research lowered ProFrac from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Piper Sandler dropped their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and an average target price of $5.80.

Insiders Place Their Bets

In other news, Chairman Matthew Wilks purchased 43,297 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was acquired at an average price of $3.80 per share, with a total value of $164,528.60. Following the purchase, the chairman directly owned 422,097 shares in the company, valued at approximately $1,603,968.60. This represents a 11.43% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.64% of the stock is owned by insiders.

ProFrac Stock Down 2.1%

Shares of NASDAQ:ACDC opened at $3.24 on Friday. ProFrac Holding Corp. has a 52-week low of $3.18 and a 52-week high of $10.70. The stock has a market cap of $586.02 million, a P/E ratio of -1.58 and a beta of 1.66. The business has a fifty day moving average of $4.08 and a two-hundred day moving average of $5.72. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.17). ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. The firm had revenue of $403.10 million for the quarter, compared to analyst estimates of $412.00 million. On average, research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

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.