ProFrac (NASDAQ:ACDC) Trading Up 8.2% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price traded up 8.2% during trading on Monday . The company traded as high as $7.87 and last traded at $7.8750. 1,161,464 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 1,324,867 shares. The stock had previously closed at $7.28.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Friday, March 27th. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Morgan Stanley lifted their target price on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ProFrac has a consensus rating of “Reduce” and a consensus price target of $6.17.

ProFrac Stock Up 7.3%

The company has a quick ratio of 0.58, a current ratio of 0.82 and a debt-to-equity ratio of 1.27. The company has a market cap of $1.41 billion, a P/E ratio of -3.06 and a beta of 1.51. The company has a fifty day moving average of $6.49 and a 200 day moving average of $5.21.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The firm had revenue of $449.60 million during the quarter, compared to the consensus estimate of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. On average, research analysts anticipate that ProFrac Holding Corp. will post -1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC lifted its position in 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 purchasing an additional 3,476 shares in the last quarter. Raymond James Financial Inc. purchased a new position in ProFrac during the second quarter valued at $29,000. Caitong International Asset Management Co. Ltd purchased a new position in ProFrac during the third quarter valued at $45,000. Price T Rowe Associates Inc. MD purchased a new position in ProFrac during the fourth quarter valued at $46,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of ProFrac in the fourth quarter valued at about $47,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.