ProFrac (NASDAQ:ACDC) Sets New 12-Month Low – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $5.52 and last traded at $5.54, with a volume of 38939 shares changing hands. The stock had previously closed at $5.67.

Analyst Ratings Changes

ACDC has been the topic of several research analyst reports. Bank of America reissued a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Piper Sandler lowered their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research note on Friday, October 11th.

ProFrac Stock Performance

The stock has a market cap of $883.65 million, a PE ratio of -4.15 and a beta of 0.81. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average of $6.60 and a 200 day moving average of $7.50.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The company had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. Equities analysts predict that ProFrac Holding Corp. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Holdings Lp Thrc acquired 130,000 shares of ProFrac stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $6.49 per share, for a total transaction of $843,700.00. Following the completion of the transaction, the insider now owns 76,800,545 shares in the company, valued at $498,435,537.05. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have purchased 1,933,600 shares of company stock worth $12,207,161. 2.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACDC. Marshall Wace LLP raised its position in ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares during the period. American Century Companies Inc. raised its position in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the period. Point72 Asset Management L.P. purchased a new stake in ProFrac in the second quarter valued at $365,000. Virtu Financial LLC purchased a new stake in shares of ProFrac in the 1st quarter valued at $401,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of ProFrac in the 1st quarter valued at $357,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.