ProFrac (NASDAQ:ACDC) Trading 5.4% Higher

ProFrac Holding Corp. (NASDAQ:ACDC) traded up 5.4% during mid-day trading on Tuesday . The company traded as high as $7.31 and last traded at $7.16. 671,491 shares were traded during trading, a decline of 26% from the average session volume of 913,039 shares. The stock had previously closed at $6.79.

Analyst Ratings Changes

A number of brokerages have weighed in on ACDC. Stifel Nicolaus cut their price target on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Bank of America cut their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Finally, Piper Sandler dropped their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th.

ProFrac Stock Up 5.6 %

The stock’s fifty day moving average price is $6.79 and its 200-day moving average price is $7.69. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -7.30 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). The business had revenue of $579.40 million for the quarter, compared to the consensus estimate 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 predict that ProFrac Holding Corp. will post -0.18 earnings per share for the current fiscal year.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 411,383 shares of the stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $6.03 per share, with a total value of $2,480,639.49. Following the transaction, the insider now directly owns 76,611,928 shares of the company’s stock, valued at $461,969,925.84. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders purchased 1,933,600 shares of company stock valued at $12,207,161. Insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Financial Bankshares Inc acquired a new stake in ProFrac in the 4th quarter valued at about $8,580,000. American Century Companies Inc. boosted its stake in shares of ProFrac by 72.0% during 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 holdings in shares of ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares during the last quarter. Bank of New York Mellon Corp raised its stake in ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after acquiring an additional 12,683 shares during the period. Finally, CastleKnight Management LP acquired a new stake in ProFrac during the 4th quarter valued at $956,000. Institutional investors 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.