Point72 Asset Management LP recently announced the acquisition of new stake in ProFrac Holding Corp (NASDAQ:ACDC). The institutional investor has increased its shareholding in the Energy company by 60.49% to 0.63 million shares with purchase of 0.24 million shares. This fresh investment now brings its stake to 0.40% valued currently at $5.11 million.
With over 0.47 million ProFrac Holding Corp (ACDC) shares trading Friday and a closing price of $8.36 on the day, the dollar volume was approximately $3.91 million. The shares have shown a negative half year performance of -28.49% and its price on 12/22/23 lost nearly -0.12%. Currently, there are 54.00M common shares owned by the public and among those 18.26M shares have been available to trade.
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Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 102,576,334 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 97,607,503 shares.
The top 3 mutual fund holders in ProFrac Holding Corp are Canoe Energy Portfolio Class Seri, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Canoe Energy Portfolio Class Seri owns 0.89 million shares of the company’s stock, all valued at over $7.21 million. The company bought an additional 92519.0 shares recently to bring their total holdings to about 0.56% of the shares outstanding. iShares Russell 2000 ETF bought 318.0 shares to bring its total holdings to over 0.65 million shares at a value of $5.2 million. iShares Russell 2000 ETF now owns shares totaling to 0.41% of the shares outstanding.
Shares of ProFrac Holding Corp (NASDAQ: ACDC) opened at $8.51, up $0.14 from a prior closing price of $8.37. However, the script later moved the day high at 8.60, down -0.12%. The company’s stock has a 5-day price change of 2.20% and -22.59% over the past three months. ACDC shares are trading -66.83% year to date (YTD), with the 12-month market performance down to -64.70% lower. It has a 12-month low price of $7.58 and touched a high of $26.23 over the same period. ACDC has an average intraday trading volume of 640.51K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.36%, -3.40%, and -24.26% respectively.
Institutional ownership of ProFrac Holding Corp (NASDAQ: ACDC) shares accounts for 9.93% of the company’s 54.00M shares outstanding. Mutual fund holders own 5.11%, while other institutional holders and individual stakeholders account for 85.82% and 4.82% respectively.
It has a market capitalization of $1.33B and a beta (3y monthly) value of 0.67. The stock’s trailing 12-month PE ratio is 8.98, while the earnings-per-share (ttm) stands at $0.93. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.17% over the week and 5.33% over the month.
Analysts forecast that ProFrac Holding Corp (ACDC) will achieve an EPS of $0.04 for the current quarter, $0.2 for the next quarter and $1.58 for 2024. The lowest estimate earnings-per-share for the quarter is $0.01 while analysts give the company a high EPS estimate of $0.09. Comparatively, EPS for the current quarter was $1.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -80.01%, and 241.69% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate ProFrac Holding Corp (ACDC) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 3 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ACDC, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on October 17, 2023, with the firm’s price target at $18-$14.
