ProFrac (NASDAQ:ACDC) Stock Price Down 4.1% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price traded down 4.1% during mid-day trading on Monday . The stock traded as low as $6.95 and last traded at $7.01. 43,507 shares traded hands during trading, a decline of 95% from the average session volume of 900,121 shares. The stock had previously closed at $7.31.

Analyst Upgrades and Downgrades

ACDC has been the topic of a number of research analyst reports. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Friday. Piper Sandler cut their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Finally, Bank of America reiterated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday.

ProFrac Stock Performance

The stock has a market capitalization of $1.12 billion, a PE ratio of -7.61 and a beta of 0.81. The business’s fifty day moving average is $6.65 and its two-hundred day moving average is $7.64. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The business had revenue of $579.40 million during the quarter, compared to the consensus estimate 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, research analysts anticipate that ProFrac Holding Corp. will post -0.13 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc purchased 786,193 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $6.49 per share, for a total transaction of $5,102,392.57. Following the acquisition, the insider now owns 78,197,549 shares of the company’s stock, valued at approximately $507,502,093.01. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased 1,933,600 shares of company stock valued at $12,207,161 in the last ninety days. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the last quarter. Marshall Wace LLP grew its stake in shares of ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after acquiring an additional 12,683 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after acquiring an additional 5,312 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in ProFrac in the 2nd quarter valued at $365,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.