ProFrac (NASDAQ:ACDC) Shares Gap Down After Earnings Miss

ProFrac Holding Corp. (NASDAQ:ACDC) gapped down prior to trading on Monday following a dissappointing earnings announcement. The stock had previously closed at $6.35, but opened at $6.13. ProFrac shares last traded at $6.35, with a volume of 207,464 shares.

The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). The company had revenue of $436.50 million for the quarter, compared to the consensus estimate of $402.95 million. ProFrac had a negative return on equity of 31.70% and a negative net margin of 18.97%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. Morgan Stanley restated an “underweight” rating and issued a $4.00 price target on shares of ProFrac in a research note on Wednesday, January 21st. Zacks Research upgraded ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Finally, UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, ProFrac presently has an average rating of “Reduce” and an average target price of $5.38.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. First Financial Bankshares Inc boosted its holdings in shares of ProFrac by 30.1% in the third quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after acquiring an additional 973,062 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new position in ProFrac during the third quarter worth about $444,000. Counterpoint Mutual Funds LLC acquired a new position in ProFrac during the third quarter worth about $501,000. SummerHaven Investment Management LLC bought a new stake in ProFrac in the third quarter worth about $406,000. Finally, Empowered Funds LLC lifted its holdings in ProFrac by 5.4% in the 2nd quarter. Empowered Funds LLC now owns 627,062 shares of the company’s stock valued at $4,866,000 after acquiring an additional 32,382 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Stock Performance

The company’s 50-day moving average price is $5.09 and its two-hundred day moving average price is $4.38. The company has a market cap of $1.19 billion, a P/E ratio of -2.98 and a beta of 1.70. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.