ProFrac Holding Corp. $ACDC Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in ProFrac Holding Corp. by 93.3%, selling 97,025 shares and retaining just 7,002 shares valued at approximately $53,000.
• Institutional investors are actively adjusting their positions, with GAMMA Investing LLC increasing its holdings by 689.6% and BNP Paribas acquiring a new stake worth about $469,000.
• ProFrac reported a loss of $0.67 EPS for the last quarter, missing estimates, and has been downgraded by several analysts, currently holding a consensus rating of "Strong Sell."

Russell Investments Group Ltd. reduced its stake in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 93.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,002 shares of the company's stock after selling 97,025 shares during the period. Russell Investments Group Ltd.'s holdings in ProFrac were worth $53,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Nuveen LLC purchased a new position in ProFrac in the first quarter valued at approximately $444,000. Deutsche Bank AG increased its stake 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 last quarter. GSA Capital Partners LLP acquired a new position in ProFrac during the first quarter worth approximately $548,000. Jaffetilchin Investment Partners LLC purchased a new stake in ProFrac in the first quarter valued at approximately $152,000. Finally, Inscription Capital LLC purchased a new stake in ProFrac in the first quarter valued at approximately $206,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the acquisition, the insider directly owned 82,389,657 shares of the company's stock, valued at approximately $329,558,628. The trade was a 3.13% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.84% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ACDC shares. Morgan Stanley reduced their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Piper Sandler reduced their price objective on 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 cut ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price objective for the company. in a research note on Wednesday, June 25th. Finally, Wall Street Zen cut ProFrac from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Strong Sell" and an average target price of $6.10.

ProFrac Price Performance

Shares of NASDAQ:ACDC remained flat at $3.84 during trading on Monday. The stock had a trading volume of 1,106,108 shares, compared to its average volume of 895,743. The company has a market cap of $615.48 million, a price-to-earnings ratio of -2.21 and a beta of 1.64. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. The firm's fifty day moving average price is $6.15 and its two-hundred day moving average price is $6.53. ProFrac Holding Corp. has a 1-year low of $3.43 and a 1-year high of $10.70.

ProFrac (NASDAQ:ACDC - Get Free Report) last released its 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 analyst estimates of $532.93 million. ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. On average, equities analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

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.