ProFrac (NASDAQ:ACDC) Shares Gap Up – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) gapped up prior to trading on Thursday . The stock had previously closed at $6.54, but opened at $7.25. ProFrac shares last traded at $6.55, with a volume of 76,316 shares.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ACDC shares. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a report on Friday, December 6th. Stifel Nicolaus reduced their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, ProFrac currently has an average rating of “Hold” and a consensus target price of $7.20.

ProFrac Trading Up 2.3 %

The stock’s 50 day moving average is $7.79 and its 200-day moving average is $7.25. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The company has a market capitalization of $1.07 billion, a P/E ratio of -4.74 and a beta of 1.19.

Insider Activity

In other news, major shareholder Farris Wilks acquired 338,756 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was acquired at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now owns 1,316,534 shares in the company, valued at $9,123,580.62. This trade represents a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.93% of the stock is currently owned by company insiders.

Institutional Trading of ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in ProFrac by 110.7% during the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after acquiring an additional 3,021 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of ProFrac in the 4th quarter worth approximately $57,000. AlphaQuest LLC purchased a new stake in shares of ProFrac in the 4th quarter worth approximately $66,000. Catalina Capital Group LLC bought a new position in ProFrac during the 4th quarter valued at approximately $79,000. Finally, Stratos Investment Management LLC purchased a new position in ProFrac during the fourth quarter valued at $84,000. 12.75% of the stock is owned by hedge funds and other 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.