ProFrac (NASDAQ:ACDC) Stock Price Up 7.7% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price rose 7.7% on Tuesday . The stock traded as high as $7.97 and last traded at $7.86. Approximately 330,646 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 416,635 shares. The stock had previously closed at $7.30.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ACDC. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Stifel Nicolaus dropped their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, January 6th. 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 research report on Friday, December 6th. Finally, Bank of America reaffirmed a “hold” rating and issued a $7.50 target price on shares of ProFrac in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.20.

ProFrac Stock Performance

The business’s fifty day simple moving average is $8.00 and its 200-day simple moving average is $7.23. The company has a market capitalization of $1.23 billion, a P/E ratio of -5.45 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after acquiring an additional 1,692,908 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake 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 purchasing an additional 443,530 shares in the last quarter. Empowered Funds LLC lifted its position in ProFrac by 5.1% during the fourth quarter. Empowered Funds LLC now owns 582,767 shares of the company’s stock valued at $4,522,000 after purchasing an additional 28,370 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of ProFrac by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after buying an additional 6,063 shares in the last quarter. Finally, Arete Wealth Advisors LLC raised its position in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after buying an additional 107,908 shares in the last quarter. 12.75% of the stock is owned by institutional investors.

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.