Goldman Sachs Group Inc. Sells 33,777 Shares of ProFrac Holding Corp. $ACDC

Goldman Sachs Group Inc. reduced its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 24.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 102,244 shares of the company’s stock after selling 33,777 shares during the quarter. Goldman Sachs Group Inc.’s holdings in ProFrac were worth $776,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ACDC. Quantinno Capital Management LP lifted its stake in ProFrac by 11.3% in the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after acquiring an additional 1,670 shares during the period. Deutsche Bank AG lifted its position in shares of ProFrac by 64.7% in the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after purchasing an additional 5,767 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of ProFrac by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after purchasing an additional 9,416 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of ProFrac by 2.0% during the 1st quarter. Empowered Funds LLC now owns 594,680 shares of the company’s stock valued at $4,514,000 after purchasing an additional 11,913 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in shares of ProFrac during the first quarter valued at about $97,000. Institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ACDC. Piper Sandler lowered their price objective on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, August 20th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Bank of America cut ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price for the company. in a research note on Wednesday, June 25th. Two investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, ProFrac has a consensus rating of “Strong Sell” and a consensus target price of $6.10.

Insider Transactions at ProFrac

In related news, Chairman Matthew Wilks bought 43,297 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were bought at an average price of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the acquisition, the chairman owned 422,097 shares of the company’s stock, valued at $1,603,968.60. This trade represents a 11.43% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the firm’s 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 approximately $329,558,628. The trade was a 3.13% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.84% of the company’s stock.

ProFrac Stock Up 0.6%

ProFrac stock opened at $3.64 on Wednesday. ProFrac Holding Corp. has a 12 month low of $3.43 and a 12 month high of $10.70. The stock has a fifty day simple moving average of $5.20 and a two-hundred day simple moving average of $6.26. 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 firm has a market cap of $583.42 million, a price-to-earnings ratio of -2.09 and a beta of 1.65.

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