ProFrac (NASDAQ:ACDC) Shares Down 5.5% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) shares traded down 5.5% during mid-day trading on Wednesday . The company traded as low as $5.83 and last traded at $5.86. 369,418 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,344,482 shares. The stock had previously closed at $6.20.

Wall Street Analyst Weigh In

ACDC has been the subject of several recent analyst reports. Zacks Research raised shares of ProFrac from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 21st. UBS Group reissued a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Morgan Stanley raised their target price on shares of ProFrac from $4.00 to $5.00 and gave the stock an “underweight” rating in a report on Tuesday, March 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $5.63.

ProFrac Stock Performance

The firm has a market cap of $1.04 billion, a PE ratio of -2.61 and a beta of 1.70. The business has a 50 day simple moving average of $5.62 and a two-hundred day simple moving average of $4.60. The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 13th. The company reported ($0.51) earnings per share (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 analysts’ expectations of $402.95 million. ProFrac had a negative net margin of 18.97% and a negative return on equity of 33.18%. As a group, equities research analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently added to or reduced their stakes in ACDC. Hsbc Holdings PLC purchased a new position in shares of ProFrac during the fourth quarter worth approximately $60,000. Alpine Global Management LLC bought a new stake in shares of ProFrac during the fourth quarter valued at approximately $88,000. Invesco Ltd. boosted its holdings in shares of ProFrac by 28.4% in the fourth quarter. Invesco Ltd. now owns 240,655 shares of the company’s stock valued at $936,000 after purchasing an additional 53,210 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in ProFrac by 89.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 27,898 shares of the company’s stock worth $109,000 after purchasing an additional 13,187 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in ProFrac by 9.6% during the 4th quarter. Empowered Funds LLC now owns 776,893 shares of the company’s stock worth $3,022,000 after purchasing an additional 67,939 shares during the period. 12.75% of the stock is currently owned by institutional investors.

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