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

ProFrac Holding Corp. (NASDAQ:ACDC) was down 4.3% on Wednesday . The stock traded as low as $8.66 and last traded at $8.63. Approximately 48,876 shares were traded during trading, a decline of 88% from the average daily volume of 404,026 shares. The stock had previously closed at $9.02.

Wall Street Analyst Weigh In

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

ProFrac Trading Down 2.4 %

The business’s 50-day moving average price is $7.87 and its 200-day moving average price is $7.23. The firm has a market capitalization of $1.41 billion, a PE ratio of -6.25 and a beta of 1.20. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ACDC. Hotchkis & Wiley Capital Management LLC raised its position in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after acquiring an additional 443,530 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of ProFrac during the 3rd quarter worth approximately $3,764,000. American Century Companies Inc. grew its holdings 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 worth $2,339,000 after acquiring an additional 132,108 shares during the period. Marshall Wace LLP increased its stake in 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 purchasing an additional 228,491 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in ProFrac by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after purchasing an additional 6,063 shares in the last quarter. 12.75% of the stock is currently 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.