ProFrac (NASDAQ:ACDC) Shares Down 3.4% – Time to Sell?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price fell 3.4% during trading on Friday . The company traded as low as $6.90 and last traded at $6.90. 256,859 shares changed hands during trading, a decline of 69% from the average session volume of 839,696 shares. The stock had previously closed at $7.14.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th. Bank of America reaffirmed a “hold” rating and set a $7.50 price target on shares of ProFrac in a report on Monday, October 14th. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price on the stock. in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.40.

ProFrac Stock Performance

The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -4.96 and a beta of 1.15. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The company’s 50-day moving average price is $7.15 and its two-hundred day moving average price is $7.21.

Institutional Trading of ProFrac

Several large investors have recently made changes to their positions in ACDC. Hotchkis & Wiley Capital Management LLC raised its position in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares during the period. Empowered Funds LLC bought a new stake in ProFrac during the 3rd quarter valued at $3,764,000. American Century Companies Inc. lifted its stake in shares of ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ProFrac by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after acquiring an additional 6,063 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.