ProFrac (NASDAQ:ACDC) Shares Up 5.5% – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price rose 5.5% during mid-day trading on Tuesday . The company traded as high as $7.88 and last traded at $8.01. Approximately 174,723 shares were traded during trading, a decline of 62% from the average daily volume of 464,728 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

Several equities analysts have commented on ACDC shares. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research note on Friday, December 6th. Stifel Nicolaus boosted their target price on ProFrac from $6.00 to $7.00 and gave the stock a “hold” rating in a research note on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.40.

ProFrac Stock Up 5.8 %

The firm’s fifty day simple moving average is $7.55 and its 200 day simple moving average is $7.37. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -5.70 and a beta of 1.18. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

In other ProFrac news, major shareholder Farris Wilks purchased 338,756 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was bought at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the acquisition, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after purchasing an additional 6,063 shares in the last quarter. Townsquare Capital LLC purchased a new stake in shares of ProFrac during the 3rd quarter worth approximately $87,000. Verition Fund Management LLC boosted its holdings in shares of ProFrac by 94.0% in the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock valued at $566,000 after buying an additional 40,390 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of ProFrac by 114.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after buying an additional 443,530 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in ProFrac during the 3rd quarter worth $100,000. Institutional investors and hedge funds 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.