ProFrac (NASDAQ:ACDC) Shares Gap Down on Disappointing Earnings

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.51, but opened at $3.59. ProFrac shares last traded at $4.1860, with a volume of 584,632 shares traded.

The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.14). ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. The company had revenue of $498.10 million during the quarter, compared to analysts’ expectations of $483.81 million.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ACDC. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Piper Sandler lifted 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. Morgan Stanley set a $5.00 price objective on shares of ProFrac in a report on Wednesday, July 15th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, ProFrac has an average rating of “Reduce” and a consensus price target of $5.50.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently made changes to their positions in ACDC. Walleye Capital LLC grew its holdings in ProFrac by 3.6% in the 4th quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock worth $316,000 after buying an additional 2,785 shares in the last quarter. Vanguard Group Inc. raised its stake in ProFrac by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock valued at $1,580,000 after acquiring an additional 3,003 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in ProFrac by 3.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock worth $359,000 after acquiring an additional 3,318 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of ProFrac by 27.2% in the third quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after purchasing an additional 3,514 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Price Performance

The business has a fifty day moving average price of $5.56 and a 200 day moving average price of $5.90. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.82 and a quick ratio of 0.58. The company has a market capitalization of $790.26 million, a price-to-earnings ratio of -1.70 and a beta of 1.46.

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.