ProFrac (NASDAQ:ACDC) Trading Down 7.2%

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price traded down 7.2% during trading on Tuesday . The company traded as low as $7.85 and last traded at $7.88. 165,617 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 873,977 shares. The stock had previously closed at $8.49.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Bank of America boosted their price objective on ProFrac from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Monday. Stifel Nicolaus cut their price objective on ProFrac from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, ProFrac presently has an average rating of “Hold” and a consensus price target of $12.50.

ProFrac Trading Down 5.9 %

The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62. The stock has a 50 day moving average price of $7.99 and a 200-day moving average price of $8.25.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, March 15th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). The firm had revenue of $489.10 million during the quarter, compared to analyst estimates of $594.17 million. ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. Research analysts anticipate that ProFrac Holding Corp. will post 0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in ProFrac by 6.2% during the second quarter. BlackRock Inc. now owns 1,860,796 shares of the company’s stock worth $20,766,000 after buying an additional 109,123 shares during the last quarter. First Financial Bankshares Inc acquired a new position in ProFrac during the fourth quarter worth $8,580,000. State Street Corp raised its position in ProFrac by 36.5% in the first quarter. State Street Corp now owns 872,363 shares of the company’s stock valued at $11,053,000 after purchasing an additional 233,075 shares during the period. Goldman Sachs Group Inc. raised its position in ProFrac by 134.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 820,658 shares of the company’s stock valued at $6,959,000 after purchasing an additional 470,282 shares during the period. Finally, FMR LLC purchased a new stake in ProFrac in the first quarter valued at $9,858,000. Institutional investors and hedge funds 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.