ProFrac Holding Corp. $ACDC Shares Purchased by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its holdings in ProFrac Holding Corp. by 10.6% during Q1, owning 1,167,180 shares valued at $8.86 million at the end of the reporting period.
• ProFrac's recent quarterly earnings revealed a miss in EPS, reporting ($0.67) against the consensus estimate of ($0.29), with revenue also falling short at $501.90 million.
• Wall Street analysts have generally downgraded ProFrac, with a consensus rating of "Strong Sell" and a price target averaging $6.10.

Bridgeway Capital Management LLC boosted its stake in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,167,180 shares of the company's stock after purchasing an additional 111,913 shares during the period. Bridgeway Capital Management LLC owned approximately 0.73% of ProFrac worth $8,859,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Exchange Traded Concepts LLC increased its position in shares of ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock valued at $77,000 after buying an additional 9,416 shares in the last quarter. Walleye Capital LLC purchased a new stake in ProFrac in the first quarter valued at $97,000. Deutsche Bank AG raised its position in ProFrac by 64.7% in the first quarter. Deutsche Bank AG now owns 14,680 shares of the company's stock valued at $111,000 after purchasing an additional 5,767 shares during the period. Quantinno Capital Management LP lifted its stake in ProFrac by 11.3% during the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company's stock worth $127,000 after acquiring an additional 1,670 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in ProFrac during the 4th quarter worth about $136,000. Hedge funds and other institutional investors own 12.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ACDC. Piper Sandler lowered their target price on shares of ProFrac from $8.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, August 20th. Bank of America downgraded shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price target for the company. in a research report on Wednesday, June 25th. Wall Street Zen cut ProFrac from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Morgan Stanley decreased their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Strong Sell" and an average price target of $6.10.

ProFrac Stock Performance

Shares of NASDAQ:ACDC remained flat at $3.84 on Monday. 1,105,583 shares of the stock were exchanged, compared to its average volume of 895,740. The company has a current ratio of 0.91, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. ProFrac Holding Corp. has a fifty-two week low of $3.43 and a fifty-two week high of $10.70. The company has a market capitalization of $615.48 million, a price-to-earnings ratio of -2.21 and a beta of 1.65. The stock's fifty day simple moving average is $6.15 and its 200-day simple moving average is $6.53.

ProFrac (NASDAQ:ACDC - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.38). The company had revenue of $501.90 million during the quarter, compared to analysts' expectations of $532.93 million. ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. As a group, analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Activity

In other news, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider directly owned 82,389,657 shares of the company's stock, valued at $329,558,628. This represents a 3.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.84% of the stock is owned by company insiders.

ProFrac Company 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.