ProFrac (NASDAQ:ACDC) Shares Up 8.9% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) traded up 8.9% on Thursday . The stock traded as high as $8.00 and last traded at $7.9750. 656,257 shares were traded during trading, a decline of 51% from the average session volume of 1,349,781 shares. The stock had previously closed at $7.32.

Analyst Upgrades and Downgrades

ACDC has been the subject of a number of research reports. Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. UBS Group reiterated a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Morgan Stanley increased their price objective on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, April 15th. Finally, Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $6.17.

ProFrac Stock Up 9.1%

The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -3.13 and a beta of 1.41. The business has a fifty day moving average price of $6.74 and a two-hundred day moving average price of $5.42.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC raised its stake in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of ProFrac in the second quarter valued at about $29,000. BNP Paribas Financial Markets lifted its position in shares of ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after purchasing an additional 4,871 shares in the last quarter. Tower Research Capital LLC TRC raised its position in ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after purchasing an additional 10,016 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of ProFrac during the fourth quarter worth $46,000. Institutional investors 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.