Delta Investment Management LLC Sells 10,000 Shares of ProFrac Holding Corp. $ACDC

Delta Investment Management LLC reduced its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 48.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,469 shares of the company’s stock after selling 10,000 shares during the period. Delta Investment Management LLC’s holdings in ProFrac were worth $81,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in ACDC. GSA Capital Partners LLP bought a new stake in shares of ProFrac during the first quarter valued at approximately $548,000. Deutsche Bank AG increased its position in shares of ProFrac by 64.7% during the first quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock valued at $111,000 after purchasing an additional 5,767 shares during the period. Nuveen LLC bought a new stake in shares of ProFrac during the first quarter valued at approximately $444,000. American Century Companies Inc. increased its position in shares of ProFrac by 10.4% during the first 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 period. Finally, AlphaQuest LLC increased its position in shares of ProFrac by 367.1% during the first 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 period. 12.75% of the stock is owned by institutional investors.

ProFrac Stock Performance

Shares of NASDAQ:ACDC opened at $4.31 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. The stock has a market capitalization of $779.55 million, a price-to-earnings ratio of -2.48 and a beta of 1.61. The business’s fifty day moving average price is $3.89 and its two-hundred day moving average price is $5.75. ProFrac Holding Corp. has a fifty-two week low of $3.43 and a fifty-two week high of $10.70.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.38). The business had revenue of $501.90 million during the quarter, compared to analyst estimates of $532.93 million. ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%. As a group, analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of research reports. Zacks Research upgraded ProFrac from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, October 8th. Piper Sandler lowered their price objective on ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Finally, Morgan Stanley set a $4.50 price target on ProFrac and gave the company an “underweight” rating in a research report on Friday, October 17th. Three investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Strong Sell” and a consensus target price of $5.80.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of ProFrac stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the purchase, the insider owned 82,389,657 shares in the company, valued at $329,558,628. This trade represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Matthew Wilks acquired 43,297 shares of ProFrac stock in a transaction on Monday, September 8th. The stock was acquired at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the purchase, the chairman owned 422,097 shares of the company’s stock, 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. 2.64% of the stock is currently owned by insiders.

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.