Delta Investment Management LLC Sells 32,500 Shares of ProFrac Holding Corp. (NASDAQ:ACDC)

Delta Investment Management LLC lowered its stake in ProFrac Holding Corp. (NASDAQ:ACDC) by 75.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,469 shares of the company’s stock after selling 32,500 shares during the period. Delta Investment Management LLC’s holdings in ProFrac were worth $89,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Pinnacle Associates Ltd. increased its position in shares of ProFrac by 34.9% in the fourth quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $987,000 after purchasing an additional 30,085 shares during the period. SG Americas Securities LLC bought a new position in shares of ProFrac in the third quarter worth $159,000. New York State Common Retirement Fund increased its position in shares of ProFrac by 56.4% in the third quarter. New York State Common Retirement Fund now owns 48,661 shares of the company’s stock worth $529,000 after purchasing an additional 17,539 shares during the period. Bank of New York Mellon Corp increased its position in shares of ProFrac by 5.0% in the third quarter. Bank of New York Mellon Corp now owns 172,244 shares of the company’s stock worth $1,874,000 after purchasing an additional 8,265 shares during the period. Finally, Peoples Bank KS acquired a new stake in ProFrac in the third quarter valued at about $33,000. Institutional investors own 12.75% of the company’s stock.

ProFrac Trading Up 1.6 %

Shares of ACDC stock traded up $0.13 during mid-day trading on Friday, reaching $8.23. 591,924 shares of the stock traded hands, compared to its average volume of 925,563. The stock’s fifty day simple moving average is $8.11 and its two-hundred day simple moving average is $8.20. ProFrac Holding Corp. has a 1-year low of $6.46 and a 1-year high of $14.32. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -15.53 and a beta of 0.71. The company has a quick ratio of 0.62, a current ratio of 0.98 and a debt-to-equity ratio of 0.74.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, March 15th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). ProFrac had a negative net margin of 3.98% and a positive return on equity of 3.04%. The firm had revenue of $489.10 million for the quarter, compared to analyst estimates of $594.17 million. On average, research analysts anticipate that ProFrac Holding Corp. will post 0.84 EPS for the current fiscal year.

Analysts Set New Price Targets

ACDC has been the topic of several research analyst reports. Stifel Nicolaus reduced their price objective on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Bank of America raised their price objective on ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, ProFrac has an average rating of “Hold” and a consensus target price of $12.50.

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.