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

ProFrac Holding Corp. (NASDAQ:ACDC) shares were down 5.5% during trading on Wednesday . The stock traded as low as $5.83 and last traded at $5.86. Approximately 369,418 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,344,482 shares. The stock had previously closed at $6.20.

Analyst Ratings Changes

Several research firms have recently issued reports on ACDC. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 21st. UBS Group restated a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Morgan Stanley raised their price target on ProFrac from $4.00 to $5.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, ProFrac currently has a consensus rating of “Reduce” and a consensus price target of $5.63.

ProFrac Stock Up 2.9%

The company has a market cap of $1.10 billion, a P/E ratio of -2.76 and a beta of 1.44. The company has a 50-day simple moving average of $5.65 and a 200 day simple moving average of $4.62. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.08.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Friday, March 13th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). The company had revenue of $436.50 million during the quarter, compared to the consensus estimate of $402.95 million. ProFrac had a negative return on equity of 33.18% and a negative net margin of 18.97%. On average, equities analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On ProFrac

Several institutional investors have recently made changes to their positions in the company. Walleye Capital LLC lifted its stake in ProFrac by 3.6% in the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock worth $316,000 after acquiring an additional 2,785 shares during the period. Vanguard Group Inc. boosted its position 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 lifted its stake in shares of 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 purchasing an additional 3,318 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in 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 position in shares of ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after buying an additional 3,514 shares during the last quarter. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.