ProFrac (NASDAQ:ACDC) Stock Price Down 7.9% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price dropped 7.9% during trading on Tuesday . The stock traded as low as $6.94 and last traded at $7.02. Approximately 154,286 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 904,994 shares. The stock had previously closed at $7.62.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Piper Sandler reduced their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Stifel Nicolaus reduced their price target on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Bank of America decreased their price target on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Monday, July 15th.

ProFrac Price Performance

The stock’s 50 day moving average price is $6.68 and its two-hundred day moving average price is $7.66. 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 firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -7.62 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). The business 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%. On average, equities research analysts anticipate that ProFrac Holding Corp. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc acquired 411,383 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $6.03 per share, for a total transaction of $2,480,639.49. Following the completion of the purchase, the insider now owns 76,611,928 shares in the company, valued at approximately $461,969,925.84. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 1,933,600 shares of company stock valued at $12,207,161 in the last three months. Company insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in ACDC. Susquehanna Fundamental Investments LLC acquired a new stake in shares of ProFrac during the 1st quarter worth approximately $357,000. Delta Investment Management LLC increased its holdings in ProFrac by 47.8% in the 1st 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. Virtu Financial LLC acquired a new position in shares of ProFrac in the 1st quarter valued at $401,000. Bank of New York Mellon Corp lifted its holdings in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after acquiring an additional 12,683 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of ProFrac during the 2nd quarter valued at about $44,000. 12.75% of the stock is 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.