ProFrac (NASDAQ:ACDC) Shares Gap Down – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $6.96, but opened at $6.55. ProFrac shares last traded at $6.54, with a volume of 34,207 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Bank of America reiterated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $7.00 to $6.50 in a research report on Thursday. Piper Sandler decreased their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th.

ProFrac Price Performance

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 company has a 50-day moving average price of $6.65 and a 200-day moving average price of $7.59. The firm has a market capitalization of $999.34 million, a P/E ratio of -4.69 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last released 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 during the quarter, compared to the consensus estimate of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. On average, sell-side analysts predict that ProFrac Holding Corp. will post -0.26 earnings per share for the current year.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 786,193 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $6.49 per share, for a total transaction of $5,102,392.57. Following the completion of the acquisition, the insider now owns 78,197,549 shares of the company’s stock, valued at $507,502,093.01. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders purchased 1,933,600 shares of company stock worth $12,207,161. 2.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ProFrac

Several large investors have recently modified their holdings of ACDC. nVerses Capital LLC bought a new stake in shares of ProFrac in the second quarter worth about $44,000. Delta Investment Management LLC increased 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 worth $129,000 after acquiring an additional 5,000 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of ProFrac in the second quarter worth about $150,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of ProFrac in the first quarter worth about $357,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of ProFrac in the second quarter worth about $365,000. 12.75% of the stock is currently owned by institutional investors.

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.