ProFrac (NASDAQ:ACDC) Trading Up 6.9% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) traded up 6.9% during mid-day trading on Friday . The company traded as high as $5.96 and last traded at $5.91. 209,968 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 887,565 shares. The stock had previously closed at $5.53.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ACDC shares. Bank of America reissued a “hold” rating and set a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Piper Sandler lowered their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a report on Friday, October 11th.

ProFrac Price Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The business’s 50-day moving average price is $6.60 and its two-hundred day moving average price is $7.50. The firm has a market cap of $929.23 million, a price-to-earnings ratio of -4.38 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). The company had revenue of $579.40 million for the quarter, compared to analyst estimates of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. On average, research analysts forecast that ProFrac Holding Corp. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc bought 130,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the acquisition, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought 1,933,600 shares of company stock worth $12,207,161 over the last ninety days. 2.93% of the stock is owned by insiders.

Hedge Funds Weigh In On ProFrac

Several large investors have recently bought and sold shares of ACDC. nVerses Capital LLC bought a new stake in ProFrac during the second quarter worth approximately $44,000. Delta Investment Management LLC lifted its holdings in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after buying an additional 5,000 shares during the period. Squarepoint Ops LLC acquired a new position in ProFrac during the second quarter worth about $150,000. Susquehanna Fundamental Investments LLC bought a new stake in ProFrac in the first quarter worth about $357,000. Finally, Point72 Asset Management L.P. acquired a new stake in ProFrac in the 2nd quarter valued at about $365,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.