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

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) gapped up prior to trading 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.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research note on Friday, December 6th. Stifel Nicolaus lowered their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.20.

ProFrac Trading Up 7.1 %

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 $1.13 billion, a PE ratio of -5.00 and a beta of 1.18. The company has a 50 day simple moving average of $7.75 and a two-hundred day simple moving average of $7.24.

Insider Activity at ProFrac

In related news, major shareholder Farris Wilks purchased 338,756 shares of the stock in a transaction on Wednesday, February 26th. The shares were bought at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now directly owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. This trade represents a 34.65 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of hedge funds have recently bought and sold shares of ACDC. Quantinno Capital Management LP lifted its position in shares of ProFrac by 11.3% during 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 last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of ProFrac by 2.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company’s stock worth $8,189,000 after buying an additional 28,370 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of ProFrac in the fourth quarter valued at approximately $136,000. BNP Paribas Financial Markets acquired a new stake in shares of ProFrac in the fourth quarter worth $469,000. Finally, Ameriprise Financial Inc. increased its position in ProFrac by 36.2% during the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock worth $1,154,000 after acquiring an additional 39,560 shares during the period. 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.