ProFrac (NASDAQ:ACDC) Shares Gap Up – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $7.17, but opened at $7.81. ProFrac shares last traded at $7.77, with a volume of 99,908 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ACDC shares. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research note on Friday, December 6th. Stifel Nicolaus reduced their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.20.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The company has a market cap of $1.15 billion, a P/E ratio of -5.10 and a beta of 1.19. The firm has a 50 day moving average price of $7.82 and a 200-day moving average price of $7.22.

Institutional Investors Weigh In On ProFrac

A number of large investors have recently added to or reduced their stakes in ACDC. GAMMA Investing LLC lifted its stake in shares of ProFrac by 110.7% in the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after buying an additional 3,021 shares during the last quarter. Fortitude Family Office LLC bought a new position in ProFrac in the 4th quarter worth $57,000. AlphaQuest LLC acquired a new position in ProFrac during the 4th quarter worth $66,000. Catalina Capital Group LLC bought a new stake in ProFrac during the fourth quarter valued at about $79,000. Finally, Stratos Investment Management LLC acquired a new stake in shares of ProFrac in the fourth quarter valued at about $84,000. Institutional investors own 12.75% of the company’s stock.

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.