ProFrac Holding Corp. (NASDAQ:ACDC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings 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 13F 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 approximately 0.08% of ProFrac worth $954,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets purchased a new stake in ProFrac in the 4th quarter worth approximately $469,000. Ameriprise Financial Inc. raised its position in ProFrac by 36.2% during the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company's stock worth $1,154,000 after acquiring an additional 39,560 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in ProFrac in the 4th quarter valued at about $268,000. Dimensional Fund Advisors LP lifted its position in shares of ProFrac by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company's stock valued at $706,000 after acquiring an additional 1,860 shares in the last quarter. Finally, Mariner LLC boosted its stake in ProFrac by 184.2% during the 4th quarter. Mariner LLC now owns 146,429 shares of the company's stock worth $1,136,000 after purchasing an additional 94,902 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Chairman Matthew Wilks acquired 20,221 shares of the company's stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $4.32 per share, with a total value of $87,354.72. Following the purchase, the chairman now owns 308,977 shares of the company's stock, valued at $1,334,780.64. This represents a 7.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Lp Thrc acquired 390,253 shares of the business's stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $6.10 per share, with a total value of $2,380,543.30. Following the transaction, the insider now owns 79,648,695 shares in the company, valued at $485,857,039.50. The trade was a 0.49% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 733,996 shares of company stock valued at $4,356,960. 2.84% of the stock is currently owned by company insiders.

ProFrac Stock Up 2.8%

NASDAQ:ACDC traded up $0.24 during mid-day trading on Friday, hitting $8.87. The stock had a trading volume of 815,985 shares, compared to its average volume of 707,669. ProFrac Holding Corp. has a twelve month low of $3.83 and a twelve month high of $9.49. The stock has a 50-day simple moving average of $5.70 and a two-hundred day simple moving average of $7.04. 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 company has a market capitalization of $1.42 billion, a PE ratio of -6.29 and a beta of 1.75.

ProFrac (NASDAQ:ACDC - Get Free Report) last announced 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 return on equity of 3.54% and a negative net margin of 9.51%. On average, equities research analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Analyst Ratings Changes

ACDC has been the topic of a number of research reports. Stifel Nicolaus decreased their target price on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley lowered their price objective 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. Finally, Wall Street Zen upgraded ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, ProFrac has a consensus rating of "Hold" and a consensus price target of $6.90.

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.