ProFrac (NASDAQ:ACDC) Shares Gap Up – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $4.71, but opened at $4.88. ProFrac shares last traded at $5.1950, with a volume of 147,222 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Piper Sandler upped their price target on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley lifted their target price on ProFrac from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, April 15th. UBS Group reiterated a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $6.00.

ProFrac Stock Up 7.5%

The company has a debt-to-equity ratio of 1.27, a current ratio of 0.82 and a quick ratio of 0.58. The business has a 50 day simple moving average of $6.69 and a 200 day simple moving average of $5.82. The stock has a market cap of $916.36 million, a PE ratio of -1.99 and a beta of 1.42.

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

Institutional Trading of ProFrac

A number of institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its stake in shares of ProFrac by 7,241.7% during the 2nd 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 during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of ProFrac in the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in ProFrac in the third quarter worth $45,000. Price T Rowe Associates Inc. MD bought a new stake in ProFrac in the fourth quarter worth $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ProFrac during the fourth quarter worth $47,000. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.