ProFrac (NASDAQ:ACDC) Shares Break Above 50 Day Moving Average – Should You Sell?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $4.69 and traded as high as $5.09. ProFrac shares last traded at $4.99, with a volume of 1,919,937 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on ACDC. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Morgan Stanley lowered their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. Finally, Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, ProFrac presently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Up 8.7%

The stock has a market capitalization of $908.79 million, a P/E ratio of -2.14 and a beta of 1.52. The company’s 50-day moving average price is $4.69 and its 200 day moving average price is $5.52. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Insider Buying and Selling

In other ProFrac news, CEO Matthew Wilks bought 57,519 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $4.86 per share, for a total transaction of $279,542.34. Following the completion of the transaction, the chief executive officer owned 479,616 shares of the company’s stock, valued at $2,330,933.76. This trade represents a 13.63% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 363,757 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $1,709,657.90. Following the purchase, the insider directly owned 83,785,415 shares in the company, valued at $393,791,450.50. This trade represents a 0.44% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 2,014,454 shares of company stock valued at $9,750,117. Company insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ACDC. State of Alaska Department of Revenue boosted its stake in ProFrac by 47.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock worth $37,000 after purchasing an additional 2,795 shares during the period. Allworth Financial LP raised its position in shares of ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after buying an additional 3,131 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of ProFrac during the second quarter worth $68,000. SG Americas Securities LLC bought a new position in shares of ProFrac during the first quarter worth $86,000. Finally, AXQ Capital LP boosted its position in shares of ProFrac by 11.0% during the second quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock worth $263,000 after acquiring an additional 4,487 shares during the last quarter. 12.75% of the stock is owned by hedge funds and other institutional investors.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.