ProFrac (NASDAQ:ACDC) Issues Quarterly Earnings Results, Misses Estimates By $0.17 EPS

ProFrac (NASDAQ:ACDC) released its quarterly earnings results on Monday. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17), Zacks reports. The business had revenue of $403.10 million for the quarter, compared to analysts’ expectations of $412.00 million. ProFrac had a negative return on equity of 31.42% and a negative net margin of 16.86%.

ProFrac Stock Performance

Shares of ACDC stock opened at $4.25 on Wednesday. ProFrac has a 12 month low of $3.43 and a 12 month 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. The company has a market cap of $768.70 million, a P/E ratio of -2.07 and a beta of 1.66. The firm has a fifty day moving average price of $4.11 and a 200 day moving average price of $5.78.

Analysts Set New Price Targets

A number of research firms have commented on ACDC. Piper Sandler decreased their target price 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. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, October 8th. Zacks Research downgraded shares of ProFrac from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Morgan Stanley set a $4.50 price target on ProFrac and gave the stock an “underweight” rating in a research report on Friday, October 17th. Two investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Strong Sell” and a consensus price target of $5.80.

Insider Activity

In other ProFrac news, Chairman Matthew Wilks bought 43,297 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average price of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the purchase, the chairman directly owned 422,097 shares in the company, valued at $1,603,968.60. This trade represents a 11.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the company’s 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 purchase, the insider directly owned 82,389,657 shares of the company’s stock, valued at $329,558,628. The trade was a 3.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.64% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently added to or reduced their stakes in the stock. Orion Porfolio Solutions LLC grew its stake in shares of ProFrac by 102.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 23,466 shares of the company’s stock valued at $182,000 after purchasing an additional 11,870 shares during the last quarter. Sei Investments Co. increased its stake in ProFrac by 17.7% in the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after buying an additional 6,200 shares during the period. First Trust Advisors LP purchased a new position in ProFrac during the 2nd quarter worth $553,000. JPMorgan Chase & Co. lifted its stake in shares of ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after acquiring an additional 90,176 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of ProFrac by 46.2% during the second quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company’s stock worth $1,687,000 after acquiring an additional 68,675 shares during the period. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.