Renaissance Technologies LLC Acquires Shares of 140,700 ProFrac Holding Corp. $ACDC

Renaissance Technologies LLC acquired a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 140,700 shares of the company’s stock, valued at approximately $872,000. Renaissance Technologies LLC owned about 0.08% of ProFrac as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ACDC. Creative Planning bought a new stake in shares of ProFrac in the second quarter worth $102,000. JPMorgan Chase & Co. raised its stake in shares of ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after purchasing an additional 90,176 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares during the last quarter. First Trust Advisors LP bought a new position in shares of ProFrac during the second quarter worth about $553,000. Finally, Sei Investments Co. lifted its position in shares of ProFrac by 17.7% during the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after purchasing an additional 6,200 shares during the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Matthew Wilks acquired 57,519 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average price of $4.86 per share, with a total value of $279,542.34. Following the acquisition, the chief executive officer directly owned 479,616 shares in the company, valued at approximately $2,330,933.76. The trade was a 13.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Dan H. Wilks acquired 517,669 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the transaction, the insider owned 87,297,864 shares in the company, valued at $424,267,619.04. The trade was a 0.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 800,000 shares of company stock valued at $4,018,391 in the last 90 days. Insiders own 2.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ACDC. Piper Sandler upped their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Morgan Stanley set a $5.00 target price on ProFrac in a research report on Wednesday, July 15th. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $5.50.

ProFrac Trading Up 2.1%

NASDAQ:ACDC opened at $5.37 on Friday. The firm has a market capitalization of $978.00 million, a P/E ratio of -2.30 and a beta of 1.46. The business has a 50 day simple moving average of $5.29 and a 200 day simple moving average of $5.90. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. ProFrac Holding Corp. has a 12-month low of $3.08 and a 12-month high of $8.22.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.