ProFrac (NASDAQ:ACDC) Shares Down 5.5% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was down 5.5% on Wednesday . The company traded as low as $4.81 and last traded at $4.7180. 48,220 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 1,450,181 shares. The stock had previously closed at $4.99.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of analyst reports. Morgan Stanley lowered their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Piper Sandler upped their price objective on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

The firm has a market cap of $932.45 million, a P/E ratio of -2.20 and a beta of 1.49. The stock’s 50-day moving average is $4.84 and its 200-day moving average is $5.87. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Insider Transactions at ProFrac

In related news, CEO Matthew Wilks acquired 57,519 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $4.86 per share, with a total value of $279,542.34. Following the completion of the transaction, the chief executive officer owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This represents a 13.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Dan H. Wilks bought 517,669 shares of ProFrac stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the purchase, the insider owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. This trade represents a 0.60% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Creative Planning bought a new position in ProFrac in the second quarter worth $102,000. JPMorgan Chase & Co. raised its stake in shares of ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after buying an additional 90,176 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares in the last quarter. First Trust Advisors LP bought a new position in shares of ProFrac during the 2nd quarter worth about $553,000. Finally, Sei Investments Co. lifted its holdings in shares of ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after acquiring an additional 6,200 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.