ProFrac (NASDAQ:ACDC) Trading 7.9% Higher – What’s Next?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) rose 7.9% on Friday . The stock traded as high as $6.82 and last traded at $7.10. Approximately 9,028 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 452,815 shares. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ACDC. JPMorgan Chase & Co. cut shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Stifel Nicolaus cut their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, ProFrac currently has an average rating of “Hold” and an average target price of $7.20.

ProFrac Stock Up 8.3 %

The firm has a market capitalization of $1.14 billion, a PE ratio of -5.03 and a beta of 1.18. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The company’s fifty day simple moving average is $7.77 and its 200 day simple moving average is $7.24.

Insider Buying and Selling

In other ProFrac news, major shareholder Farris Wilks bought 338,756 shares of the 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 completion of the acquisition, the insider now owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. This trade represents a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC bought a new stake in ProFrac during the 3rd quarter valued at about $3,764,000. Charles Schwab Investment Management Inc. increased its position in shares of ProFrac by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after acquiring an additional 6,063 shares in the last quarter. Townsquare Capital LLC purchased a new position in ProFrac in the 3rd quarter worth approximately $87,000. Verition Fund Management LLC boosted its stake in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock valued at $566,000 after purchasing an additional 40,390 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of ProFrac by 114.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares in the last quarter. 12.75% of the stock is currently owned by 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.