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

ProFrac Holding Corp. (NASDAQ:ACDC) gapped down prior to trading on Thursday . The stock had previously closed at $6.15, but opened at $5.94. ProFrac shares last traded at $5.96, with a volume of 337,352 shares changing hands.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of research reports. Stifel Nicolaus decreased their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective on ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a report on Friday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, ProFrac has a consensus rating of “Hold” and a consensus price target of $6.90.

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 stock has a market cap of $981.89 million, a PE ratio of -4.35 and a beta of 1.14. The business has a 50-day moving average price of $5.77 and a 200 day moving average price of $6.98.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, research analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In other news, major shareholder Farris Wilks acquired 338,756 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was purchased at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the acquisition, the insider now owns 1,316,534 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Matthew Wilks acquired 69,176 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was purchased at an average price of $4.85 per share, with a total value of $335,503.60. Following the completion of the acquisition, the chairman now directly owns 378,153 shares in the company, valued at approximately $1,834,042.05. This represents a 22.39% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,072,752 shares of company stock worth $6,704,539. 2.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently modified their holdings of ACDC. AlphaQuest LLC purchased a new stake in ProFrac during the 4th quarter valued at about $66,000. Exchange Traded Concepts LLC boosted its holdings in ProFrac by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after acquiring an additional 9,416 shares during the period. Catalina Capital Group LLC purchased a new stake in ProFrac during the 4th quarter valued at about $79,000. Stratos Investment Management LLC purchased a new stake in ProFrac during the 4th quarter valued at about $84,000. Finally, HighTower Advisors LLC purchased a new stake in ProFrac during the 4th quarter valued at about $85,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.