Walleye Capital LLC Increases Stock Position in ProFrac Holding Corp. $ACDC

Walleye Capital LLC lifted its position in shares of ProFrac Holding Corp. (NASDAQ:ACDC) by 328.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 347,911 shares of the company’s stock after purchasing an additional 266,742 shares during the period. Walleye Capital LLC owned 0.19% of ProFrac worth $2,157,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ACDC. Dimensional Fund Advisors LP grew its position in ProFrac by 156.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after purchasing an additional 238,210 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ProFrac by 17.0% during the 1st quarter. Bank of New York Mellon Corp now owns 79,914 shares of the company’s stock worth $495,000 after buying an additional 11,597 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of ProFrac during the 1st quarter worth approximately $86,000. Hsbc Holdings PLC purchased a new position in shares of ProFrac in the 4th quarter worth approximately $60,000. Finally, Alpine Global Management LLC purchased a new position in shares of ProFrac in the 4th quarter worth approximately $88,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ACDC. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Morgan Stanley set a $5.00 price objective on ProFrac in a research note on Wednesday, July 15th. Finally, Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, ProFrac has a consensus rating of “Reduce” and a consensus target price of $5.50.

ProFrac Trading Down 10.1%

NASDAQ:ACDC opened at $4.55 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $823.19 million, a PE ratio of -1.78 and a beta of 1.42. The firm’s 50 day moving average is $6.17 and its 200 day moving average is $5.91. ProFrac Holding Corp. has a 12 month low of $3.08 and a 12 month high of $8.30.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.10). ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. The firm had revenue of $449.60 million for the quarter, compared to the consensus estimate of $426.39 million. Sell-side analysts expect that ProFrac Holding Corp. will post -1.16 earnings per share for the current year.

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.