Bank of America Corp DE Has $954,000 Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Bank of America Corp DE reduced its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 24.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,888 shares of the company's stock after selling 38,981 shares during the period. Bank of America Corp DE owned 0.08% of ProFrac worth $954,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. BNP Paribas Financial Markets bought a new stake in shares of ProFrac during the 4th quarter worth $469,000. Ameriprise Financial Inc. raised its stake in ProFrac by 36.2% during the 4th quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company's stock valued at $1,154,000 after purchasing an additional 39,560 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in ProFrac during the 4th quarter valued at $268,000. Dimensional Fund Advisors LP raised its stake in ProFrac by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company's stock valued at $706,000 after purchasing an additional 1,860 shares during the last quarter. Finally, Mariner LLC raised its stake in ProFrac by 184.2% during the 4th quarter. Mariner LLC now owns 146,429 shares of the company's stock valued at $1,136,000 after purchasing an additional 94,902 shares during the last quarter. 12.75% of the stock is owned by institutional investors.

ProFrac Price Performance

Shares of ProFrac stock traded up $0.06 during mid-day trading on Wednesday, reaching $9.53. 985,633 shares of the stock were exchanged, compared to its average volume of 711,986. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -6.76 and a beta of 1.75. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The firm has a 50-day simple moving average of $5.85 and a 200 day simple moving average of $7.08. ProFrac Holding Corp. has a fifty-two week low of $3.83 and a fifty-two week high of $9.80.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) EPS 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%. On average, sell-side analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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. Wall Street Zen upgraded shares of ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Morgan Stanley dropped their target price on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, ProFrac currently has an average rating of "Hold" and an average target price of $6.90.

Insider Activity

In other news, major shareholder Holdings Lp Thrc purchased 23,584 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $6.12 per share, for a total transaction of $144,334.08. Following the transaction, the insider now directly owns 79,258,442 shares of the company's stock, valued at approximately $485,061,665.04. The trade was a 0.03% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Matthew Wilks purchased 20,221 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average price of $4.32 per share, for a total transaction of $87,354.72. Following the completion of the transaction, the chairman now directly owns 308,977 shares in the company, valued at $1,334,780.64. This trade represents a 7.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 733,996 shares of company stock valued at $4,356,960. 2.84% of the stock is currently owned by 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.