Walleye Capital LLC Acquires 266,742 Shares of ProFrac Holding Corp. $ACDC

Walleye Capital LLC raised its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 328.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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’s holdings in ProFrac were worth $2,157,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Creative Planning purchased a new stake in shares of ProFrac during the 2nd quarter valued at approximately $102,000. JPMorgan Chase & Co. grew its stake in ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after buying an additional 90,176 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares in the last quarter. First Trust Advisors LP purchased a new position in ProFrac in the 2nd quarter valued at approximately $553,000. Finally, Sei Investments Co. raised its holdings in ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after acquiring an additional 6,200 shares during the period. Institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

ACDC has been the topic of several recent research reports. Morgan Stanley set a $5.00 target price on ProFrac in a research report on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Piper Sandler raised 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 given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.50.

ProFrac Stock Performance

ProFrac stock opened at $4.55 on Friday. ProFrac Holding Corp. has a 1-year low of $3.08 and a 1-year high of $8.30. 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 firm 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 simple moving average is $6.17 and its 200 day simple moving average is $5.91.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The firm had revenue of $449.60 million during the quarter, compared to the consensus estimate of $426.39 million. ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. As a group, analysts expect that ProFrac Holding Corp. will post -1.16 earnings per share 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.