ProFrac (NASDAQ:ACDC) Trading 6.7% Higher – Still a Buy?

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

Analyst Upgrades and Downgrades

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

ProFrac Price Performance

The company has a 50-day moving average of $6.80 and a 200-day moving average of $5.52. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -2.89 and a beta of 1.41. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $426.39 million. As a group, equities research analysts predict that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC boosted its holdings in ProFrac by 7,241.7% in 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. Raymond James Financial Inc. purchased a new stake in shares of ProFrac during the 2nd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ProFrac during the 3rd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of ProFrac during the 4th quarter worth approximately $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of ProFrac during the 4th quarter worth approximately $47,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.