SummerHaven Investment Management LLC Makes New Investment in ProFrac Holding Corp. $ACDC

SummerHaven Investment Management LLC acquired a new stake in ProFrac Holding Corp. (NASDAQ:ACDC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 109,635 shares of the company’s stock, valued at approximately $406,000. SummerHaven Investment Management LLC owned 0.06% of ProFrac as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Citizens Financial Group Inc. RI acquired a new stake in ProFrac in the third quarter valued at approximately $444,000. JPMorgan Chase & Co. increased its holdings in ProFrac by 818.7% in the second 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 during the last quarter. Strs Ohio lifted its holdings in ProFrac by 3,361.5% during the 3rd quarter. Strs Ohio now owns 90,000 shares of the company’s stock worth $333,000 after buying an additional 87,400 shares during the last quarter. First Trust Advisors LP purchased a new stake in ProFrac during the second quarter worth approximately $553,000. Finally, Ameriprise Financial Inc. lifted its position in ProFrac by 46.2% in the second quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company’s stock valued at $1,687,000 after acquiring an additional 68,675 shares during the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on ACDC shares. Morgan Stanley restated an “underweight” rating and issued a $4.00 price objective on shares of ProFrac in a research note on Wednesday, January 21st. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. Piper Sandler lowered their price objective on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $5.38.

ProFrac Price Performance

ACDC stock opened at $4.87 on Thursday. ProFrac Holding Corp. has a 12-month low of $3.08 and a 12-month high of $10.70. The company has a market cap of $880.84 million, a price-to-earnings ratio of -2.38 and a beta of 1.69. The firm has a 50 day moving average of $4.11 and a 200-day moving average of $4.57. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Monday, November 10th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17). ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. The company had revenue of $403.10 million for the quarter, compared to analyst estimates of $412.00 million. As a group, equities analysts expect 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.