Russell Investments Group Ltd. Sells 97,025 Shares of ProFrac Holding Corp. $ACDC

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

A number of other hedge funds have also bought and sold shares of ACDC. Exchange Traded Concepts LLC boosted its holdings in ProFrac by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock valued at $77,000 after purchasing an additional 9,416 shares during the period. Deutsche Bank AG grew its position in ProFrac by 64.7% during the first quarter. Deutsche Bank AG now owns 14,680 shares of the company's stock worth $111,000 after buying an additional 5,767 shares in the last quarter. Quantinno Capital Management LP increased 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 during the period. Bayesian Capital Management LP acquired a new position in ProFrac in the 4th quarter valued at $136,000. Finally, Jaffetilchin Investment Partners LLC bought a new stake in shares of ProFrac during the 1st quarter valued at $152,000. 12.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ACDC has been the topic of a number of recent analyst reports. Piper Sandler decreased their price target on ProFrac from $8.00 to $6.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 20th. Wall Street Zen downgraded shares of ProFrac from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. 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. Finally, 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 report on Wednesday, June 25th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, ProFrac presently has a consensus rating of "Strong Sell" and an average price target of $6.10.

ProFrac Price Performance

NASDAQ:ACDC traded up $0.20 on Wednesday, hitting $3.88. The company had a trading volume of 1,492,000 shares, compared to its average volume of 2,524,453. The firm has a 50 day moving average of $5.90 and a two-hundred day moving average of $6.46. The stock has a market capitalization of $621.89 million, a price-to-earnings ratio of -2.23 and a beta of 1.64. ProFrac Holding Corp. has a 52 week low of $3.43 and a 52 week high of $10.70. 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 (NASDAQ:ACDC - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.38). The firm had revenue of $501.90 million during the quarter, compared to the consensus estimate of $532.93 million. ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. On average, research analysts anticipate that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In other ProFrac news, Chairman Matthew Wilks purchased 43,297 shares of the firm's stock in a transaction on Monday, September 8th. The stock was purchased at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the transaction, the chairman owned 422,097 shares in the company, valued at $1,603,968.60. The trade was a 11.43% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $4.00 per share, for a total transaction of $10,000,000.00. Following the acquisition, the insider owned 82,389,657 shares of the company's stock, valued at $329,558,628. This trade represents a 3.13% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.84% of the company's stock.

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.