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

Bleakley Financial Group LLC bought a new position in ProFrac Holding Corp. (NASDAQ:ACDC) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 48,805 shares of the company’s stock, valued at approximately $379,000.

A number of other large investors have also recently made changes to their positions in ACDC. Bridgeway Capital Management LLC increased its holdings in shares of ProFrac by 10.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock worth $8,859,000 after buying an additional 111,913 shares during the last quarter. GSA Capital Partners LLP bought a new position in ProFrac during the 1st quarter valued at about $548,000. Nuveen LLC bought a new position in ProFrac during the 1st quarter valued at about $444,000. American Century Companies Inc. grew its holdings in ProFrac by 10.4% during the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company’s stock valued at $4,431,000 after purchasing an additional 54,908 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in ProFrac by 367.1% during the 1st quarter. AlphaQuest LLC now owns 39,699 shares of the company’s stock valued at $301,000 after purchasing an additional 31,200 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.

Insider Activity

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

ProFrac Price Performance

ProFrac stock opened at $4.31 on Monday. The stock has a market cap of $779.55 million, a price-to-earnings ratio of -2.48 and a beta of 1.61. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. ProFrac Holding Corp. has a 1 year low of $3.43 and a 1 year high of $10.70. The firm has a 50-day moving average of $3.88 and a two-hundred day moving average of $5.76.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.38). The company had revenue of $501.90 million during the quarter, compared to analysts’ expectations 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 forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Wall Street Analyst Weigh In

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