ProFrac (NASDAQ:ACDC) Trading 6.7% Higher – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) shares rose 6.7% during mid-day trading on Wednesday . The company traded as high as $7.11 and last traded at $7.3180. Approximately 75,045 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,348,298 shares. The stock had previously closed at $6.86.

Analyst Ratings Changes

ACDC has been the subject of a number of recent research reports. Piper Sandler increased their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Morgan Stanley increased their target price on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, April 15th. UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $6.17.

ProFrac Price Performance

The stock has a fifty day moving average of $6.84 and a two-hundred day moving average of $5.57. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -2.77 and a beta of 1.41. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.10). ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. The business had revenue of $449.60 million for the quarter, compared to analyst estimates of $426.39 million. As a group, equities research analysts forecast that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently bought and sold shares of ACDC. Creative Planning acquired a new stake in ProFrac during the 2nd quarter valued at $102,000. JPMorgan Chase & Co. increased its holdings in ProFrac by 818.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after purchasing an additional 90,176 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares in the last quarter. First Trust Advisors LP acquired a new stake in ProFrac during the 2nd quarter valued at $553,000. Finally, Sei Investments Co. increased its holdings in ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after purchasing an additional 6,200 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.