ProFrac (NASDAQ:ACDC) Stock Price Up 4.7% – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was up 4.7% during mid-day trading on Wednesday . The stock traded as high as $7.14 and last traded at $7.07. Approximately 98,575 shares were traded during trading, a decline of 89% from the average daily volume of 870,939 shares. The stock had previously closed at $6.75.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ACDC shares. Bank of America reaffirmed a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Finally, Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research note on Friday, October 11th.

ProFrac Price Performance

The company has a 50 day moving average price of $6.61 and a 200 day moving average price of $7.32. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $1.10 billion, a P/E ratio of -4.79 and a beta of 0.84.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $6.99 per share, for a total transaction of $42,890.64. Following the completion of the transaction, the insider now owns 77,411,356 shares in the company, valued at approximately $541,105,378.44. This represents a 0.01 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders purchased 1,345,218 shares of company stock worth $8,578,268 over the last three months. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in shares of ProFrac by 72.0% during the second 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 grew its holdings in 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. Point72 Asset Management L.P. bought a new position in shares of ProFrac during the second quarter valued at $365,000. Squarepoint Ops LLC bought a new position in shares of ProFrac during the second quarter valued at $150,000. Finally, Pinnacle Associates Ltd. raised its stake in shares of ProFrac by 39.8% during the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after acquiring an additional 33,139 shares during the last quarter. 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.