ProFrac (NASDAQ:ACDC) Hits New 12-Month High – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) reached a new 52-week high during trading on Tuesday . The company traded as high as $9.50 and last traded at $9.36, with a volume of 599149 shares traded. The stock had previously closed at $8.73.

Analysts Set New Price Targets

Several analysts have recently weighed in on ACDC shares. Morgan Stanley lowered their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday, May 16th. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus reduced their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.90.

ProFrac Trading Up 7.0%

The company’s 50-day moving average is $5.71 and its 200 day moving average is $7.05. The firm has a market cap of $1.50 billion, a PE ratio of -6.63 and a beta of 1.75. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

ProFrac (NASDAQ:ACDC) last released its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, sell-side analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 207,163 shares of the business’s stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the completion of the acquisition, the insider now directly owns 79,855,858 shares in the company, valued at approximately $499,099,112.50. This represents a 0.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Matthew Wilks purchased 69,176 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were bought at an average price of $4.85 per share, with a total value of $335,503.60. Following the purchase, the chairman now owns 378,153 shares in the company, valued at $1,834,042.05. This represents a 22.39% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 733,996 shares of company stock worth $4,356,960 over the last ninety days. 2.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProFrac

Several large investors have recently bought and sold shares of ACDC. AlphaQuest LLC acquired a new position in ProFrac in the fourth quarter valued at about $66,000. Exchange Traded Concepts LLC lifted its holdings in ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after buying an additional 9,416 shares during the period. HighTower Advisors LLC bought a new position in ProFrac in the fourth quarter valued at approximately $85,000. Walleye Capital LLC acquired a new stake in ProFrac during the 1st quarter worth $97,000. Finally, Private Advisor Group LLC bought a new stake in shares of ProFrac during the 4th quarter valued at $112,000. 12.75% of the stock is currently 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.