ProFrac (NASDAQ:ACDC) Trading 7.1% Higher – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price traded up 7.1% during trading on Friday . The company traded as high as $3.97 and last traded at $3.9750. 556,663 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,382,889 shares. The stock had previously closed at $3.71.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler upped their price target on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 target price on ProFrac in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $5.50.

ProFrac Stock Up 8.5%

The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The stock’s 50 day simple moving average is $5.79 and its 200 day simple moving average is $5.90. The firm has a market cap of $728.20 million, a P/E ratio of -1.57 and a beta of 1.42.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The business had revenue of $449.60 million for the quarter, compared to the consensus estimate of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. Research analysts anticipate that ProFrac Holding Corp. will post -1.16 EPS for the current year.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC grew its stake in shares of ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. bought a new stake in ProFrac in the 2nd quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in ProFrac in the 3rd quarter worth about $45,000. Price T Rowe Associates Inc. MD purchased a new stake in ProFrac in the 4th quarter valued at about $46,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of ProFrac during the 4th quarter worth approximately $47,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.