ProFrac (NASDAQ:ACDC) Shares Down 4.3% – What’s Next?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) traded down 4.3% during trading on Wednesday . The stock traded as low as $8.41 and last traded at $8.42. 142,871 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 861,484 shares. The stock had previously closed at $8.80.

Analysts Set New Price Targets

ACDC has been the subject of several recent analyst reports. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a report on Friday, October 11th. Bank of America restated a “hold” rating and set a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th. Finally, Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $7.00 to $6.50 in a research note on Thursday, October 17th.

ProFrac Price Performance

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -6.24 and a beta of 1.15. The business’s fifty day moving average price is $7.02 and its 200-day moving average price is $7.34.

Insider Activity

In other news, major shareholder Holdings Lp Thrc acquired 165,316 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was purchased at an average price of $6.20 per share, for a total transaction of $1,024,959.20. Following the purchase, the insider now owns 78,362,865 shares in the company, valued at approximately $485,849,763. This represents a 0.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased 521,105 shares of company stock worth $3,220,350 over the last 90 days. 2.93% of the stock is currently owned by corporate insiders.

Institutional Trading of ProFrac

A number of hedge funds have recently bought and sold shares of the business. nVerses Capital LLC bought a new stake in shares of ProFrac during the 2nd quarter worth $44,000. Townsquare Capital LLC purchased a new stake in shares of ProFrac during the 3rd quarter worth approximately $87,000. Quantinno Capital Management LP bought a new stake in shares of ProFrac in the 3rd quarter worth approximately $100,000. Squarepoint Ops LLC purchased a new position in ProFrac in the second quarter valued at approximately $150,000. Finally, Barclays PLC grew its holdings in ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares during the period. 12.75% of the stock is currently owned by institutional investors.

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.