ProFrac Holding Corp. $ACDC Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its holdings in ProFrac Holding Corp. (NASDAQ:ACDC) by 83.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,991 shares of the company’s stock after selling 159,879 shares during the period. Wellington Management Group LLP’s holdings in ProFrac were worth $186,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in shares of ProFrac by 156.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock valued at $2,421,000 after purchasing an additional 238,210 shares in the last quarter. Walleye Capital LLC boosted its stake in shares of ProFrac by 328.6% during the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after buying an additional 266,742 shares during the last quarter. Bank of America Corp DE grew its position in shares of ProFrac by 186.9% during the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after buying an additional 114,429 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of ProFrac in the first quarter worth $872,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of ProFrac in the third quarter worth $45,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on ACDC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Morgan Stanley dropped their target price on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. Piper Sandler upped their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Performance

Shares of ACDC stock opened at $5.21 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The business has a 50 day moving average of $4.81 and a two-hundred day moving average of $5.86. ProFrac Holding Corp. has a 52 week low of $3.08 and a 52 week high of $8.22. The company has a market cap of $948.85 million, a P/E ratio of -2.24 and a beta of 1.49.

Insider Transactions at ProFrac

In related news, CEO Matthew Wilks acquired 22,481 shares of ProFrac stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the transaction, the chief executive officer directly owned 502,097 shares of the company’s stock, valued at $2,731,407.68. This trade represents a 4.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Lp Thrc bought 30,820 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was bought at an average cost of $4.81 per share, for a total transaction of $148,244.20. Following the completion of the transaction, the insider directly owned 83,816,235 shares of the company’s stock, valued at $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is currently owned by company insiders.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.