ProFrac (NASDAQ:ACDC) Shares Down 5.3% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) traded down 5.3% during mid-day trading on Monday . The company traded as low as $4.95 and last traded at $4.8750. 338,746 shares were traded during trading, a decline of 75% from the average session volume of 1,364,504 shares. The stock had previously closed at $5.15.

Analyst Upgrades and Downgrades

ACDC has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. UBS Group reiterated a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler upped their price objective on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $6.00.

ProFrac Trading Down 7.1%

The stock has a market capitalization of $865.70 million, a PE ratio of -1.88 and a beta of 1.42. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The business’s 50-day moving average is $6.80 and its two-hundred day moving average is $5.81.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.10). ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%.The company had revenue of $449.60 million during the quarter, compared to analysts’ expectations of $426.39 million. On average, analysts predict that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Institutional Trading of ProFrac

A number of hedge funds have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC lifted its position in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares in the last quarter. Raymond James Financial Inc. acquired a new position in ProFrac in the 2nd quarter worth $29,000. BNP Paribas Financial Markets boosted its position in ProFrac by 389.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after buying an additional 4,871 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of ProFrac by 822.3% during the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after acquiring an additional 10,016 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of ProFrac during the fourth quarter worth about $46,000. Hedge funds and other institutional investors 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.