ProFrac Holding Corp. $ACDC Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 83.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 31,991 shares of the company’s stock after selling 159,879 shares during the quarter. Wellington Management Group LLP’s holdings in ProFrac were worth $186,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Bank of America Corp DE grew its position in shares of ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after purchasing an additional 114,429 shares during the period. Quantinno Capital Management LP lifted its position in ProFrac by 94.4% during the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock worth $298,000 after buying an additional 23,347 shares during the period. Renaissance Technologies LLC purchased a new position in ProFrac during the first quarter worth about $872,000. Sei Investments Co. boosted its stake in ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after buying an additional 47,800 shares during the last quarter. Finally, Walleye Capital LLC grew its holdings in ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after buying an additional 266,742 shares during the period. Institutional investors and hedge funds own 12.75% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Dan H. Wilks acquired 517,669 shares of the stock in a transaction on Monday, August 10th. The stock was bought at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the completion of the transaction, the insider directly owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. The trade was a 0.60% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Wilks acquired 57,519 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $4.86 per share, for a total transaction of $279,542.34. Following the purchase, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This trade represents a 13.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 2,014,454 shares of company stock worth $9,750,117 in the last 90 days. 2.23% of the stock is owned by company insiders.

ProFrac Price Performance

ACDC stock opened at $5.21 on Friday. The firm has a market cap of $948.85 million, a P/E ratio of -2.24 and a beta of 1.49. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac Holding Corp. has a 1 year low of $3.08 and a 1 year high of $8.22. The stock has a 50-day simple moving average of $4.81 and a 200-day simple moving average of $5.86.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ACDC shares. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler increased their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Morgan Stanley reduced their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $5.25.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.