ProFrac (NASDAQ:ACDC) Stock Price Down 2.8% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price dropped 2.8% on Tuesday . The company traded as low as $6.18 and last traded at $6.23. Approximately 81,211 shares changed hands during trading, a decline of 89% from the average daily volume of 708,397 shares. The stock had previously closed at $6.41.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Morgan Stanley cut their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday. Stifel Nicolaus cut their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.90.

ProFrac Stock Performance

The stock has a market capitalization of $1.01 billion, a PE ratio of -4.49 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm’s 50 day moving average is $5.75 and its two-hundred day moving average is $6.99.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, research analysts predict that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In other ProFrac news, Chairman Matthew Wilks purchased 20,221 shares of the firm’s stock in a transaction on Friday, May 9th. The stock was bought at an average cost of $4.32 per share, with a total value of $87,354.72. Following the acquisition, the chairman now directly owns 308,977 shares of the company’s stock, valued at approximately $1,334,780.64. This represents a 7.00% 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. Also, major shareholder Holdings Lp Thrc acquired 207,163 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $6.25 per share, for a total transaction of $1,294,768.75. Following the acquisition, the insider now owns 79,855,858 shares in the company, valued at approximately $499,099,112.50. The trade was a 0.26% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 1,072,752 shares of company stock valued at $6,704,539 in the last quarter. Corporate insiders own 2.84% of the company’s stock.

Institutional Trading of ProFrac

Several institutional investors have recently modified their holdings of the stock. AlphaQuest LLC purchased a new position in shares of ProFrac in the 4th quarter valued at $66,000. Exchange Traded Concepts LLC grew its holdings in shares of ProFrac by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock worth $77,000 after purchasing an additional 9,416 shares during the last quarter. Catalina Capital Group LLC acquired a new stake in shares of ProFrac during the fourth quarter worth about $79,000. Stratos Investment Management LLC acquired a new stake in shares of ProFrac during the fourth quarter worth about $84,000. Finally, HighTower Advisors LLC purchased a new stake in shares of ProFrac in the 4th quarter valued at about $85,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.