ProFrac Holding Corp. (NASDAQ:ACDC) Shares Purchased by Ameriprise Financial Inc.

Ameriprise Financial Inc. increased its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 36.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 148,760 shares of the company's stock after buying an additional 39,560 shares during the quarter. Ameriprise Financial Inc. owned about 0.09% of ProFrac worth $1,154,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock worth $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of ProFrac by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company's stock worth $4,591,000 after buying an additional 2,893 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of ProFrac by 5.1% during the fourth quarter. Empowered Funds LLC now owns 582,767 shares of the company's stock worth $4,522,000 after buying an additional 28,370 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock worth $4,104,000 after buying an additional 59,908 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of ProFrac by 52.0% during the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after buying an additional 146,028 shares during the last quarter. Hedge funds and other institutional investors own 12.75% of the company's stock.

ProFrac Stock Performance

ACDC traded up $0.83 during trading on Thursday, reaching $8.63. The company's stock had a trading volume of 922,761 shares, compared to its average volume of 704,975. ProFrac Holding Corp. has a 52-week low of $3.83 and a 52-week high of $9.49. The company's fifty day moving average price is $5.68 and its 200-day moving average price is $7.03. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -6.12 and a beta of 1.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating 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%. On average, equities analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman Matthew Wilks purchased 69,176 shares of ProFrac stock in a transaction dated Monday, May 12th. The stock was bought at an average cost of $4.85 per share, for a total transaction of $335,503.60. Following the transaction, the chairman now owns 378,153 shares in the company, valued at approximately $1,834,042.05. The trade was a 22.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Holdings Lp Thrc purchased 23,584 shares of ProFrac stock in a transaction dated Wednesday, May 14th. The shares were bought at an average price of $6.12 per share, with a total value of $144,334.08. Following the completion of the transaction, the insider now owns 79,258,442 shares in the company, valued at approximately $485,061,665.04. This trade represents a 0.03% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 733,996 shares of company stock worth $4,356,960. Company insiders own 2.84% of the company's stock.

Analyst Ratings Changes

ACDC has been the topic of a number of research reports. Stifel Nicolaus lowered their price target on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Morgan Stanley lowered their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $6.90.

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.