ProFrac (NASDAQ:ACDC) Trading Up 6.9% – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price rose 6.9% during trading on Friday . The stock traded as high as $5.96 and last traded at $5.91. Approximately 209,968 shares were traded during trading, a decline of 76% from the average daily volume of 887,565 shares. The stock had previously closed at $5.53.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ACDC. 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 lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a report on Friday, October 11th. Finally, Piper Sandler reduced their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th.

ProFrac Stock Performance

The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The stock’s 50-day moving average price is $6.58 and its 200-day moving average price is $7.47. The company has a market capitalization of $945.22 million, a P/E ratio of -4.44 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last issued its earnings results 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 during the quarter, compared to analyst estimates of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, equities analysts expect that ProFrac Holding Corp. will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $6.49 per share, for a total transaction of $843,700.00. Following the completion of the purchase, the insider now owns 76,800,545 shares of the company’s stock, valued at $498,435,537.05. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 1,933,600 shares of company stock worth $12,207,161 in the last three months. 2.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ProFrac

Several large investors have recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in 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 buying an additional 132,108 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of ProFrac by 1,632.1% during the second 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 during the period. Bank of New York Mellon Corp raised its stake in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after purchasing an additional 12,683 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in ProFrac by 39.8% in the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $790,000 after purchasing an additional 33,139 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after buying an additional 5,312 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.