ProFrac (NASDAQ:ACDC) Shares Gap Up to $7.09

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped up before the market opened on Thursday . The stock had previously closed at $7.09, but opened at $7.94. ProFrac shares last traded at $7.84, with a volume of 519,792 shares trading hands.

Analysts Set New Price Targets

ACDC has been the topic of several recent analyst reports. Bank of America increased their price target on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Monday, April 15th. Stifel Nicolaus decreased their target price 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 analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.50.

ProFrac Stock Performance

The firm has a 50 day moving average of $8.05 and a 200-day moving average of $8.04. The company has a market cap of $1.31 billion, a P/E ratio of -13.38 and a beta of 0.76. The company has a quick ratio of 0.62, a current ratio of 0.98 and a debt-to-equity ratio of 0.74.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 15th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.23). The firm had revenue of $489.10 million during the quarter, compared to analysts’ expectations of $594.17 million. ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. As a group, sell-side analysts anticipate that ProFrac Holding Corp. will post 0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in shares of ProFrac during the third quarter valued at approximately $159,000. Bank of New York Mellon Corp boosted its position in ProFrac by 5.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 172,244 shares of the company’s stock valued at $1,874,000 after acquiring an additional 8,265 shares in the last quarter. Peoples Bank KS bought a new position in shares of ProFrac in the 3rd quarter worth $33,000. New York State Common Retirement Fund lifted its stake in shares of ProFrac by 56.4% during the 3rd quarter. New York State Common Retirement Fund now owns 48,661 shares of the company’s stock worth $529,000 after purchasing an additional 17,539 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in ProFrac by 34.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $987,000 after purchasing an additional 30,085 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.