ProFrac (NASDAQ:ACDC) Stock Price Up 7.8% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was up 7.8% during mid-day trading on Tuesday . The company traded as high as $8.49 and last traded at $8.48. 471,050 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 867,419 shares. The stock had previously closed at $7.87.

Wall Street Analyst Weigh In

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

ProFrac Price Performance

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 firm has a market capitalization of $1.35 billion, a P/E ratio of -6.01 and a beta of 0.84. The business has a 50-day moving average of $6.73 and a 200 day moving average of $7.32.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc purchased 786,193 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $6.49 per share, with a total value of $5,102,392.57. Following the completion of the acquisition, the insider now owns 78,197,549 shares in the company, valued at $507,502,093.01. This trade represents a 1.02 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have purchased 1,313,434 shares of company stock valued at $8,365,633. 2.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC bought a new position in shares of ProFrac in the third quarter worth approximately $3,764,000. Hotchkis & Wiley Capital Management LLC increased its stake in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares in the last quarter. Marshall Wace LLP boosted its position in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares in the last quarter. American Century Companies Inc. grew its stake in shares of ProFrac by 72.0% in the 2nd 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 during the last quarter. Finally, Arete Wealth Advisors LLC increased its position in ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after buying an additional 107,908 shares in 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.