Ameriprise Financial Inc. Grows Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Ameriprise Financial Inc. grew its position in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 36.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 148,760 shares of the company's stock after purchasing an additional 39,560 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.09% of ProFrac worth $1,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in ProFrac in the 4th quarter worth approximately $115,000. Wells Fargo & Company MN increased its position in ProFrac by 52.0% in the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after purchasing an additional 146,028 shares during the last quarter. American Century Companies Inc. raised its stake in ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after purchasing an additional 59,908 shares in the last quarter. Bank of New York Mellon Corp lifted its position in 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 valued at $13,858,000 after purchasing an additional 1,692,908 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of ProFrac in the 4th quarter worth $112,000. Hedge funds and other institutional investors own 12.75% of the company's stock.

ProFrac Price Performance

Shares of ACDC stock traded down $0.01 during trading hours on Tuesday, hitting $8.20. 1,116,866 shares of the company's stock were exchanged, compared to its average volume of 706,082. ProFrac Holding Corp. has a fifty-two week low of $3.83 and a fifty-two week high of $9.69. The firm has a market cap of $1.31 billion, a P/E ratio of -5.82 and a beta of 1.14. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The firm has a 50 day moving average of $5.66 and a two-hundred day moving average of $7.00.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. Sell-side 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 issued reports on ACDC shares. Morgan Stanley decreased their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Wall Street Zen upgraded ProFrac from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their price objective on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, ProFrac presently has a consensus rating of "Hold" and an average price target of $6.90.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 207,163 shares of ProFrac stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $6.25 per share, with a total value of $1,294,768.75. Following the purchase, the insider now owns 79,855,858 shares of the company's stock, valued at approximately $499,099,112.50. The trade was a 0.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Matthew Wilks purchased 69,176 shares of the stock in a transaction on Monday, May 12th. The shares were purchased at an average price of $4.85 per share, with a total value of $335,503.60. Following the acquisition, the chairman now directly owns 378,153 shares in the company, valued at $1,834,042.05. This represents a 22.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 733,996 shares of company stock worth $4,356,960 in the last ninety days. 2.84% of the stock is owned by insiders.

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.