ProFrac (NASDAQ:ACDC) Stock Price Down 3.4% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) fell 3.4% on Friday . The stock traded as low as $6.90 and last traded at $6.90. 256,859 shares were traded during mid-day trading, a decline of 69% from the average session volume of 839,696 shares. The stock had previously closed at $7.14.

Wall Street Analysts Forecast Growth

ACDC has been the topic of several recent research reports. JPMorgan Chase & Co. cut shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Bank of America reissued a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a report on Friday, October 11th. Finally, Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, ProFrac has an average rating of “Hold” and a consensus target price of $7.40.

ProFrac Trading Down 2.2 %

The company’s fifty day moving average is $7.16 and its 200-day moving average is $7.23. The stock has a market cap of $1.12 billion, a PE ratio of -4.95 and a beta of 1.15. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ACDC. Dimensional Fund Advisors LP boosted its holdings in ProFrac by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after buying an additional 5,312 shares in the last quarter. nVerses Capital LLC acquired a new stake in ProFrac in the second quarter valued at approximately $44,000. Charles Schwab Investment Management Inc. raised its stake in shares of ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after buying an additional 6,063 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after buying an additional 12,683 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new stake in ProFrac in the 3rd quarter worth $87,000. 12.75% of the stock is owned by institutional investors and hedge funds.

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.