ProFrac (NASDAQ:ACDC) Shares Up 6.9% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) rose 6.9% during mid-day trading on Friday . The stock traded as high as $5.96 and last traded at $5.91. Approximately 209,968 shares traded hands during trading, a decline of 76% from the average daily volume of 887,565 shares. The stock had previously closed at $5.53.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ACDC. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Piper Sandler dropped their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research report on Friday, October 11th. Finally, Bank of America restated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a research report on Monday, October 14th.

ProFrac Trading Up 5.1 %

The business’s fifty day moving average price is $6.60 and its 200 day moving average price is $7.50. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $929.23 million, a PE ratio of -4.38 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 for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The business had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. As a group, analysts expect that ProFrac Holding Corp. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the transaction, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have acquired 1,933,600 shares of company stock valued at $12,207,161. Insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. lifted 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 valued at $2,339,000 after purchasing an additional 132,108 shares in the last quarter. Marshall Wace LLP lifted its position in ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in ProFrac during the second quarter worth approximately $365,000. Squarepoint Ops LLC acquired a new stake in shares of ProFrac in the second quarter worth $150,000. Finally, Bank of New York Mellon Corp raised its stake in shares of ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after acquiring an additional 12,683 shares during the period. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.