ProFrac (NASDAQ:ACDC) Trading Up 10.7% – Still a Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) shares were up 10.7% on Monday . The company traded as high as $4.70 and last traded at $4.7840. 111,955 shares were traded during trading, a decline of 92% from the average daily volume of 1,415,798 shares. The stock had previously closed at $4.32.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ACDC. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note 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 price target on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Finally, Morgan Stanley set a $5.00 price target on ProFrac in a research note on Wednesday, July 15th. 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. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $5.50.

ProFrac Trading Up 3.3%

The stock’s fifty day simple moving average is $5.42 and its two-hundred day simple moving average is $5.90. The firm has a market cap of $953.45 million, a PE ratio of -2.26 and a beta of 1.46. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its holdings in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the 2nd quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of ProFrac in the 3rd quarter worth about $45,000. Price T Rowe Associates Inc. MD bought a new position in ProFrac in the 4th quarter worth about $46,000. Finally, The Manufacturers Life Insurance Company bought a new position in ProFrac in the 4th quarter worth about $47,000. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.