ProFrac (NASDAQ:ACDC) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) saw unusually-high trading volume on Friday. Approximately 2,899,580 shares changed hands during mid-day trading, an increase of 97% from the average daily volume of 1,472,362 shares. The stock last traded at $2.9950 and had previously closed at $3.19.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Morgan Stanley dropped their price objective on ProFrac from $4.50 to $4.00 and set an “underweight” rating for the company in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Finally, Piper Sandler reduced their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $4.50.

ProFrac Price Performance

The stock has a market capitalization of $567.30 million, a P/E ratio of -1.43 and a beta of 1.48. The company’s 50 day simple moving average is $4.45 and its two-hundred day simple moving average is $5.47. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.90 and a quick ratio of 0.59.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Thursday, November 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.19). ProFrac had a negative net margin of 20.47% and a negative return on equity of 47.13%. The firm had revenue of $511.10 million during the quarter, compared to the consensus estimate of $555.66 million. As a group, equities analysts expect that ProFrac Holding Corp. will post -1.34 EPS for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 30,820 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was purchased at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the transaction, the insider owned 83,816,235 shares in the company, valued at $403,156,090.35. This trade represents a 0.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Dan H. Wilks acquired 30,820 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was acquired at an average price of $4.81 per share, with a total value of $148,244.20. Following the transaction, the insider owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. The trade was a 0.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 1,214,454 shares of company stock worth $5,731,726. 2.23% of the stock is owned by corporate insiders.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. State of Alaska Department of Revenue lifted its position in ProFrac by 47.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock worth $37,000 after buying an additional 2,795 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in ProFrac during the 2nd quarter worth about $68,000. Allworth Financial LP increased its position in ProFrac by 88.8% in the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after acquiring an additional 3,131 shares in the last quarter. Corient Private Wealth LP acquired a new stake in ProFrac in the 2nd quarter valued at about $368,000. Finally, AXQ Capital LP increased its position in ProFrac by 11.0% in the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock valued at $263,000 after acquiring an additional 4,487 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

About ProFrac

ProFrac Holding Corp. is an oilfield services company that supports onshore oil and natural gas producers, primarily in the United States. Its services focus on well completion, including hydraulic fracturing, which uses high-pressure fluid to help release hydrocarbons from underground formations. The company also provides wireline services used to prepare and monitor wells, and produces proppant and other materials used in completion operations. ProFrac’s business includes equipment and manufacturing capabilities that support its oilfield services operations.