ProFrac (NASDAQ:ACDC) Stock Price Down 4.3% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was down 4.3% during mid-day trading on Wednesday . The stock traded as low as $8.41 and last traded at $8.42. Approximately 142,871 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 861,484 shares. The stock had previously closed at $8.80.

Analyst Upgrades and Downgrades

ACDC has been the subject of several research analyst reports. Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research note on Friday, October 11th. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a report on Friday. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Bank of America reiterated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.40.

ProFrac Stock Performance

The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -5.37 and a beta of 1.15. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The company has a 50 day simple moving average of $7.09 and a 200 day simple moving average of $7.35.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were bought at an average price of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the acquisition, the insider now owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. This trade represents a 0.45 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC boosted its position in ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after acquiring an additional 443,530 shares during the last quarter. Empowered Funds LLC bought a new position in shares of ProFrac during the 3rd quarter worth about $3,764,000. American Century Companies Inc. grew its stake in shares of ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares during the period. Marshall Wace LLP grew its stake in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in ProFrac by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after buying an additional 6,063 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

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.