ProFrac (NASDAQ:ACDC) Trading 8.1% Higher – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price shot up 8.1% during trading on Tuesday . The company traded as high as $4.52 and last traded at $4.4750. 143,817 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 905,162 shares. The stock had previously closed at $4.14.

Wall Street Analysts Forecast Growth

ACDC has been the subject of a number of research analyst reports. Zacks Research downgraded shares of ProFrac from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. Piper Sandler reduced their price target on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Finally, Morgan Stanley set a $3.50 price objective on ProFrac in a research note on Monday, December 15th. Two analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Strong Sell” and a consensus target price of $5.25.

ProFrac Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $822.05 million, a PE ratio of -2.22 and a beta of 1.69. The stock’s 50 day moving average price is $4.00 and its two-hundred day moving average price is $4.79.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Monday, November 10th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17). ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. The company had revenue of $403.10 million for the quarter, compared to analyst estimates of $412.00 million. On average, equities analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

Several hedge funds have recently modified their holdings of ACDC. First Financial Bankshares Inc raised its position in shares of ProFrac by 30.1% in the third quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after buying an additional 973,062 shares during the last quarter. UBS Group AG boosted its holdings in shares of ProFrac by 1,862.8% during the third quarter. UBS Group AG now owns 705,568 shares of the company’s stock worth $2,611,000 after purchasing an additional 669,621 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of ProFrac in the third quarter valued at $2,377,000. Hotchkis & Wiley Capital Management LLC increased its stake in ProFrac by 27.8% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock valued at $5,494,000 after purchasing an additional 322,860 shares during the last quarter. Finally, Millennium Management LLC lifted its position in ProFrac by 293.4% during the third quarter. Millennium Management LLC now owns 317,446 shares of the company’s stock worth $1,175,000 after buying an additional 236,756 shares during the period. 12.75% of the stock is 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.