ProFrac (NASDAQ:ACDC) Shares Gap Up – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $6.54, but opened at $7.25. ProFrac shares last traded at $6.55, with a volume of 76,316 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Stifel Nicolaus lowered their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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 stock has a market cap of $1.07 billion, a PE ratio of -4.74 and a beta of 1.19. The company’s 50-day moving average price is $7.79 and its two-hundred day moving average price is $7.25.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Farris Wilks purchased 338,756 shares of ProFrac stock in a transaction on Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the transaction, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in the business. Quantinno Capital Management LP raised its position in ProFrac by 11.3% in the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after purchasing an additional 1,670 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of ProFrac by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock worth $706,000 after buying an additional 1,860 shares during the period. Geode Capital Management LLC increased its holdings in shares of ProFrac by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after buying an additional 2,893 shares during the period. GAMMA Investing LLC lifted its stake in shares of ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after acquiring an additional 3,021 shares during the last quarter. Finally, Barclays PLC boosted its holdings in ProFrac by 14.4% during the 4th quarter. Barclays PLC now owns 33,409 shares of the company’s stock valued at $259,000 after acquiring an additional 4,194 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.