ProFrac (NASDAQ:ACDC) Trading Down 3.5%

ProFrac Holding Corp. (NASDAQ:ACDC) shares fell 3.5% on Wednesday . The stock traded as low as $6.23 and last traded at $6.28. 541,664 shares changed hands during trading, a decline of 41% from the average session volume of 918,961 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

ACDC has been the subject of a number of analyst reports. Stifel Nicolaus cut their price objective on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Bank of America cut their price target on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Piper Sandler reduced their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, July 15th.

ProFrac Price Performance

The firm has a market capitalization of $1.04 billion, a PE ratio of -6.99 and a beta of 0.85. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The business’s 50 day moving average is $7.39 and its two-hundred day moving average is $7.89.

Insider Activity

In related news, major shareholder Holdings Lp Thrc bought 440,217 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average cost of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the transaction, the insider now owns 75,640,762 shares of the company’s stock, valued at $717,830,831.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have purchased 1,028,599 shares of company stock worth $7,806,552. 2.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC bought a new stake in ProFrac in the 2nd quarter worth approximately $44,000. Tower Research Capital LLC TRC lifted its holdings in shares of ProFrac by 42.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after acquiring an additional 2,034 shares during the last quarter. Delta Investment Management LLC boosted its stake in shares of ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of ProFrac during the 2nd quarter valued at $150,000. Finally, Jump Financial LLC purchased a new position in ProFrac in the 4th quarter worth $179,000. 12.75% of the stock is currently 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.