ProFrac (NASDAQ:ACDC) Trading Down 16.1% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was down 16.1% on Thursday . The company traded as low as $6.99 and last traded at $6.99. Approximately 233,981 shares traded hands during trading, a decline of 68% from the average daily volume of 721,233 shares. The stock had previously closed at $8.33.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Stifel Nicolaus upped their target price on shares of ProFrac from $6.00 to $7.00 and gave the stock a “hold” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, ProFrac currently has an average rating of “Hold” and an average target price of $7.40.

ProFrac Stock Performance

The company has a market capitalization of $826.52 million, a PE ratio of -3.66 and a beta of 1.18. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The stock’s fifty day simple moving average is $7.42 and its 200-day simple moving average is $7.38.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Farris Wilks bought 338,756 shares of the company’s stock in a transaction that occurred on 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 purchase, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after buying an additional 19,898 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of ProFrac during the 4th quarter valued at $115,000. Hotchkis & Wiley Capital Management LLC boosted its position in ProFrac by 114.4% during 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 during the period. Private Advisor Group LLC purchased a new position in ProFrac in the fourth quarter valued at about $112,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after purchasing an additional 1,692,908 shares in the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.