Bleakley Financial Group LLC Invests $379,000 in ProFrac Holding Corp. $ACDC

Bleakley Financial Group LLC purchased a new position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 48,805 shares of the company’s stock, valued at approximately $379,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC purchased a new position in shares of ProFrac during the 2nd quarter worth $29,000. Walleye Capital LLC purchased a new position in shares of ProFrac during the 1st quarter worth $97,000. Drive Wealth Management LLC purchased a new position in shares of ProFrac during the 2nd quarter worth $111,000. Deutsche Bank AG boosted its stake in shares of ProFrac by 64.7% during the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after acquiring an additional 5,767 shares during the last quarter. Finally, Cannon Global Investment Management LLC purchased a new position in shares of ProFrac during the 2nd quarter worth $132,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Matthew Wilks purchased 43,297 shares of ProFrac stock in a transaction on Monday, September 8th. The shares were bought at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the acquisition, the chairman owned 422,097 shares in the company, valued at approximately $1,603,968.60. The trade was a 11.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of ProFrac stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $4.00 per share, for a total transaction of $10,000,000.00. Following the completion of the acquisition, the insider owned 82,389,657 shares in the company, valued at $329,558,628. The trade was 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 Stock Performance

Shares of NASDAQ ACDC opened at $4.31 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.91. The company has a market cap of $779.55 million, a P/E ratio of -2.48 and a beta of 1.61. The firm’s fifty day moving average is $3.88 and its two-hundred day moving average is $5.76. ProFrac Holding Corp. has a 52-week low of $3.43 and a 52-week high of $10.70.

ProFrac (NASDAQ:ACDC) 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 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%. As a group, analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Piper Sandler decreased their price objective on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Friday. Morgan Stanley set a $4.50 price objective on shares of ProFrac and gave the company an “underweight” rating in a research report on Friday, October 17th. Finally, Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Three equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, ProFrac presently has a consensus rating of “Strong Sell” and a consensus target price of $5.80.

About ProFrac

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.