ProFrac (NASDAQ:ACDC) Shares Gap Down – Time to Sell?

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped down before the market opened on Friday . The stock had previously closed at $7.35, but opened at $7.12. ProFrac shares last traded at $7.01, with a volume of 128,340 shares traded.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research note on Friday. Bank of America cut their target price on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, Piper Sandler decreased 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.

ProFrac Stock Down 0.5 %

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -7.86 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. The firm’s fifty day simple moving average is $6.65 and its 200 day simple moving average is $7.64.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts forecast that ProFrac Holding Corp. will post -0.13 earnings per share for the current year.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 130,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $6.49 per share, with a total value of $843,700.00. Following the transaction, the insider now owns 76,800,545 shares in the company, valued at $498,435,537.05. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought 1,933,600 shares of company stock valued at $12,207,161 over the last three months. Company insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. Point72 Asset Management L.P. bought a new position in ProFrac in the second quarter valued at $365,000. Squarepoint Ops LLC bought a new position in shares of ProFrac in the 2nd quarter valued at about $150,000. Marshall Wace LLP grew its holdings 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 acquiring an additional 228,491 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ProFrac by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after acquiring an additional 5,312 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the last quarter. 12.75% of the stock is currently 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.