CastleKnight Management LP Sells 65,000 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

CastleKnight Management LP trimmed its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 18.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 294,900 shares of the company's stock after selling 65,000 shares during the quarter. CastleKnight Management LP owned approximately 0.18% of ProFrac worth $2,288,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock worth $45,000 after purchasing an additional 3,021 shares during the last quarter. Fortitude Family Office LLC bought a new stake in ProFrac during the fourth quarter worth about $57,000. AlphaQuest LLC bought a new position in ProFrac in the fourth quarter valued at approximately $66,000. Catalina Capital Group LLC acquired a new position in shares of ProFrac during the 4th quarter worth about $79,000. Finally, Stratos Investment Management LLC bought a new stake in ProFrac in the fourth quarter valued at approximately $84,000. Institutional investors own 12.75% of the company's stock.

ProFrac Price Performance

NASDAQ:ACDC traded up $0.43 during trading hours on Friday, reaching $4.40. 1,000,202 shares of the company were exchanged, compared to its average volume of 705,078. The business has a 50 day moving average of $5.89 and a 200 day moving average of $6.98. ProFrac Holding Corp. has a 1-year low of $3.83 and a 1-year high of $9.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The company has a market capitalization of $704.78 million, a P/E ratio of -3.12 and a beta of 1.14.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.20. ProFrac had a negative net margin of 9.51% and a negative return on equity of 3.54%. Research analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Buying and Selling at ProFrac

In other news, major shareholder Farris Wilks acquired 338,756 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.93% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus reduced their price objective on ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $7.20.

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.