ProFrac (NASDAQ:ACDC) Shares Down 5.1%

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price traded down 5.1% during trading on Wednesday . The stock traded as low as $6.35 and last traded at $6.35. 38,654 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 913,747 shares. The stock had previously closed at $6.69.

Wall Street Analyst Weigh In

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

ProFrac Stock Up 4.8 %

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 business has a 50 day simple moving average of $7.11 and a two-hundred day simple moving average of $7.82.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share 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%. Equities analysts expect that ProFrac Holding Corp. will post 0.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $6.49 per share, for a total transaction of $843,700.00. Following the purchase, the insider now owns 76,800,545 shares in the company, valued at approximately $498,435,537.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders purchased a total of 1,579,965 shares of company stock valued at $10,025,233 in the last ninety days. Corporate insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently made changes to their positions in ACDC. nVerses Capital LLC acquired a new position in ProFrac in the second quarter worth $44,000. Delta Investment Management LLC boosted its holdings in shares of 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. Squarepoint Ops LLC acquired a new position in shares of ProFrac in the 2nd quarter valued at about $150,000. Jump Financial LLC acquired a new stake in ProFrac during the fourth quarter worth about $179,000. Finally, Aristides Capital LLC acquired a new stake in ProFrac during the fourth quarter worth about $279,000. 12.75% of the stock is currently owned by institutional investors.

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.