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

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $6.24, but opened at $6.54. ProFrac shares last traded at $6.93, with a volume of 303,644 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a report on Friday, October 11th. Piper Sandler dropped their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Morgan Stanley downgraded 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 research note on Thursday, October 17th. Finally, Bank of America reissued a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th.

ProFrac Trading Up 3.0 %

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 stock has a market cap of $1.03 billion, a PE ratio of -5.48 and a beta of 0.84. The business’s fifty day moving average is $6.53 and its 200 day moving average is $7.38.

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

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 411,383 shares of the stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $6.03 per share, with a total value of $2,480,639.49. Following the purchase, the insider now directly owns 76,611,928 shares of the company’s stock, valued at approximately $461,969,925.84. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders acquired 1,933,600 shares of company stock worth $12,207,161. Insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC bought a new stake in shares of ProFrac in the 1st quarter worth about $357,000. Delta Investment Management LLC grew its position in shares of ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after acquiring an additional 5,000 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of ProFrac during the 1st quarter valued at approximately $401,000. Bank of New York Mellon Corp boosted its holdings in ProFrac by 12.1% in the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after purchasing an additional 12,683 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of ProFrac during the second quarter worth $44,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.