ProFrac (NASDAQ:ACDC) Trading Down 5.5% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were down 5.5% during trading on Wednesday . The stock traded as low as $6.84 and last traded at $6.8220. Approximately 64,780 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,326,016 shares. The stock had previously closed at $7.22.

Analyst Upgrades and Downgrades

Several analysts have commented on ACDC shares. Piper Sandler boosted their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. UBS Group reiterated a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Finally, Morgan Stanley boosted their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, ProFrac currently has an average rating of “Reduce” and an average price target of $6.17.

ProFrac Stock Performance

The business’s fifty day moving average price is $6.72 and its two-hundred day moving average price is $5.32. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The stock has a market capitalization of $1.25 billion, a P/E ratio of -2.70 and a beta of 1.51.

ProFrac (NASDAQ:ACDC) last posted its 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). The business had revenue of $449.60 million during the quarter, compared to the consensus estimate of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. As a group, sell-side analysts forecast that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently added to or reduced their stakes in the company. First Financial Bankshares Inc grew its holdings in ProFrac by 30.1% during the 3rd quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after purchasing an additional 973,062 shares during the last quarter. AQR Capital Management LLC grew its holdings in ProFrac by 61.7% during the 4th quarter. AQR Capital Management LLC now owns 1,638,822 shares of the company’s stock valued at $6,375,000 after purchasing an additional 625,596 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in ProFrac by 27.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock valued at $5,494,000 after purchasing an additional 322,860 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in ProFrac by 2.8% during the 2nd quarter. Bridgeway Capital Management LLC now owns 1,199,562 shares of the company’s stock valued at $9,309,000 after purchasing an additional 32,382 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in ProFrac by 12.1% during the 4th quarter. Wells Fargo & Company MN now owns 1,088,687 shares of the company’s stock valued at $4,235,000 after purchasing an additional 117,608 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.

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