ProFrac (NASDAQ:ACDC) Shares Climb 5.2% – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price rose 5.2% during mid-day trading on Monday. The stock traded as high as $4.22 and last traded at $4.2810. Approximately 57,864 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 1,402,851 shares. The stock had previously closed at $4.07.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ACDC. Morgan Stanley reduced their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Monday, September 21st. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ProFrac currently has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

The company has a market capitalization of $800.42 million, a PE ratio of -1.88 and a beta of 1.52. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The company’s 50 day moving average price is $4.72 and its 200-day moving average price is $5.56.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc bought 30,820 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were bought at an average cost of $4.81 per share, with a total value of $148,244.20. Following the completion of the acquisition, the insider owned 83,816,235 shares of the company’s stock, valued at approximately $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Wilks acquired 22,481 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were bought at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the completion of the purchase, the chief executive officer owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. This represents a 4.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 2,014,454 shares of company stock worth $9,750,117. Insiders own 2.23% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several large investors have recently made changes to their positions in ACDC. State of Alaska Department of Revenue raised its holdings in ProFrac by 47.6% in the third quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock worth $37,000 after purchasing an additional 2,795 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of ProFrac during the second quarter worth approximately $68,000. Allworth Financial LP raised its holdings in shares of ProFrac by 88.8% during the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after buying an additional 3,131 shares in the last quarter. Corient Private Wealth LP acquired a new stake in shares of ProFrac during the 2nd quarter valued at $368,000. Finally, AXQ Capital LP lifted its holdings in ProFrac by 11.0% during the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock worth $263,000 after buying an additional 4,487 shares during the period. Institutional investors own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.