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

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped up prior to trading on Wednesday . The stock had previously closed at $4.71, but opened at $4.88. ProFrac shares last traded at $5.1950, with a volume of 147,222 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on ProFrac from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, April 15th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Finally, UBS Group reiterated a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, ProFrac presently has an average rating of “Reduce” and a consensus price target of $6.00.

ProFrac Stock Performance

The stock has a market cap of $916.36 million, a price-to-earnings ratio of -1.99 and a beta of 1.42. The company’s 50-day simple moving average is $6.69 and its 200-day simple moving average is $5.82. The company has a quick ratio of 0.58, a current ratio of 0.82 and a debt-to-equity ratio of 1.27.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The company had revenue of $449.60 million for the quarter, compared to the consensus estimate of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. Analysts predict that ProFrac Holding Corp. will post -1.15 EPS for the current fiscal year.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. Bank of America Corp DE increased its position in shares of ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after acquiring an additional 114,429 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of ProFrac by 94.4% in the 1st quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock valued at $298,000 after acquiring an additional 23,347 shares in the last quarter. Renaissance Technologies LLC acquired a new position in ProFrac in the 1st quarter worth approximately $872,000. Sei Investments Co. boosted its stake in ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after purchasing an additional 47,800 shares during the period. Finally, Walleye Capital LLC grew its position in ProFrac by 328.6% during the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after purchasing an additional 266,742 shares in the last quarter. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.