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

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped up prior to trading on Wednesday . The stock had previously closed at $8.44, but opened at $8.81. ProFrac shares last traded at $9.11, with a volume of 120,643 shares trading hands.

Analyst Ratings Changes

ACDC has been the subject of a number of research reports. Stifel Nicolaus cut 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. Bank of America restated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Finally, Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th.

ProFrac Trading Up 8.2 %

The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -6.48 and a beta of 0.84. The business has a 50-day simple moving average of $6.83 and a two-hundred day simple moving average of $7.34. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the transaction, the insider now directly owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. This represents a 0.45 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders acquired 1,307,298 shares of company stock worth $8,322,742. 2.93% of the stock is owned by insiders.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently modified their holdings of ACDC. Barclays PLC boosted its position in ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares during the last quarter. Arete Wealth Advisors LLC raised its stake in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after purchasing an additional 107,908 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in shares of ProFrac in the 3rd quarter valued at approximately $100,000. Hotchkis & Wiley Capital Management LLC grew its stake in shares of ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after buying an additional 443,530 shares in the last quarter. Finally, Verition Fund Management LLC increased its holdings in ProFrac by 94.0% during the third quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock worth $566,000 after buying an additional 40,390 shares during the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.