ProFrac (NASDAQ:ACDC) Stock Price Up 5.5% – Still a Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) shares shot up 5.5% during mid-day trading on Tuesday . The company traded as high as $7.88 and last traded at $8.01. 174,723 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 464,728 shares. The stock had previously closed at $7.59.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ACDC. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a research report on Friday, December 6th. Stifel Nicolaus upped their price objective on shares of ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a report on Monday, March 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, ProFrac currently has a consensus rating of “Hold” and a consensus price target of $7.40.

ProFrac Price Performance

The stock has a market cap of $1.07 billion, a P/E ratio of -4.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm has a 50-day moving average price of $7.49 and a 200-day moving average price of $7.39.

Insider Activity at ProFrac

In other news, major shareholder Farris Wilks bought 338,756 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were bought at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.93% of the stock is owned by insiders.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently bought and sold shares of the stock. Quantinno Capital Management LP increased its position in ProFrac by 11.3% during the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock valued at $127,000 after acquiring an additional 1,670 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in shares of ProFrac by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company’s stock worth $8,189,000 after purchasing an additional 28,370 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of ProFrac during the 4th quarter worth $136,000. BNP Paribas Financial Markets purchased a new stake in shares of ProFrac during the fourth quarter valued at about $469,000. Finally, Ameriprise Financial Inc. boosted its stake in ProFrac by 36.2% in the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock valued at $1,154,000 after acquiring an additional 39,560 shares in the last quarter. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.