ProFrac (NASDAQ:ACDC) Trading Down 5.6% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) shares fell 5.6% during trading on Monday . The stock traded as low as $5.87 and last traded at $5.89. 128,610 shares changed hands during trading, a decline of 86% from the average session volume of 891,262 shares. The stock had previously closed at $6.24.

Analyst Upgrades and Downgrades

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

ProFrac Price Performance

The business’s 50 day moving average is $6.63 and its 200-day moving average is $7.53. 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 firm has a market capitalization of $906.84 million, a P/E ratio of -6.10 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The business had revenue of $579.40 million during the quarter, compared to the consensus estimate of $624.64 million. As a group, sell-side analysts predict that ProFrac Holding Corp. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc purchased 411,383 shares of ProFrac stock in a transaction dated Tuesday, August 13th. The shares were bought at an average cost of $6.03 per share, for a total transaction of $2,480,639.49. Following the purchase, the insider now owns 76,611,928 shares in the company, valued at approximately $461,969,925.84. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders acquired 1,933,600 shares of company stock valued at $12,207,161. 2.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new position in ProFrac in the 1st quarter worth about $357,000. Delta Investment Management LLC increased its stake in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after buying an additional 5,000 shares during the period. Virtu Financial LLC bought a new position in ProFrac in the 1st quarter valued at approximately $401,000. Bank of New York Mellon Corp raised its holdings in ProFrac by 12.1% in 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 during the last quarter. Finally, nVerses Capital LLC acquired a new stake in ProFrac during the 2nd quarter worth approximately $44,000. 12.75% of the stock is currently owned by 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.