ProFrac (NASDAQ:ACDC) Shares Gap Down – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) gapped down prior to trading on Thursday . The stock had previously closed at $6.96, but opened at $6.55. ProFrac shares last traded at $6.54, with a volume of 34,207 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on ACDC. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $7.00 to $6.50 in a report on Thursday. Bank of America reaffirmed a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research report on Friday, October 11th. Finally, Piper Sandler cut their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th.

ProFrac Price Performance

The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -7.03 and a beta of 0.81. The company has a 50-day moving average price of $6.63 and a 200-day moving average price of $7.61. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). The firm had revenue of $579.40 million during the quarter, compared to the consensus estimate of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. On average, equities research analysts expect that ProFrac Holding Corp. will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the stock in a transaction on Friday, August 30th. The stock was bought at an average cost of $6.99 per share, for a total transaction of $42,890.64. Following the completion of the acquisition, the insider now directly owns 77,411,356 shares of the company’s stock, valued at $541,105,378.44. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have acquired 1,933,600 shares of company stock valued at $12,207,161. 2.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently modified their holdings of the business. Delta Investment Management LLC grew its holdings in shares of ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after buying an additional 5,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after buying an additional 5,312 shares during the last quarter. nVerses Capital LLC bought a new stake in ProFrac during the 2nd quarter worth about $44,000. Bank of New York Mellon Corp boosted its stake in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after buying an additional 12,683 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of ProFrac in the 2nd quarter valued at about $150,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.