ProFrac (NASDAQ:ACDC) Trading 7.9% Higher – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) shot up 7.9% during trading on Tuesday . The company traded as high as $5.89 and last traded at $5.86. 917,987 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 1,150,076 shares. The stock had previously closed at $5.43.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ACDC shares. Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Morgan Stanley reissued an “underweight” rating and set a $4.00 price objective on shares of ProFrac in a report on Wednesday, January 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Three analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, ProFrac currently has a consensus rating of “Reduce” and a consensus target price of $5.38.

ProFrac Trading Up 6.1%

The stock has a fifty day moving average price of $4.91 and a 200 day moving average price of $4.32. The stock has a market cap of $1.04 billion, a PE ratio of -2.81 and a beta of 1.70. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.63 and a current ratio of 0.91.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in ACDC. Creative Planning bought a new stake in shares of ProFrac in the 2nd quarter worth about $102,000. Empowered Funds LLC raised its position in ProFrac by 5.4% in the 2nd quarter. Empowered Funds LLC now owns 627,062 shares of the company’s stock worth $4,866,000 after purchasing an additional 32,382 shares during the period. JPMorgan Chase & Co. lifted its stake in ProFrac by 818.7% in the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after purchasing an additional 90,176 shares during the last quarter. American Century Companies Inc. lifted its stake in ProFrac by 5.9% in the second quarter. American Century Companies Inc. now owns 618,194 shares of the company’s stock worth $4,797,000 after purchasing an additional 34,374 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares during the period. 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.