ProFrac (NASDAQ:ACDC) Shares Up 8.9% – Should You Buy?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) rose 8.9% during trading on Thursday . The stock traded as high as $8.00 and last traded at $7.9750. Approximately 656,257 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,349,781 shares. The stock had previously closed at $7.32.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ACDC. Piper Sandler raised their price objective on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. UBS Group reaffirmed a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Morgan Stanley increased their target price on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $6.17.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 0.82 and a quick ratio of 0.58. The stock has a 50-day simple moving average of $6.74 and a 200-day simple moving average of $5.42. The stock has a market cap of $1.44 billion, a PE ratio of -3.13 and a beta of 1.41.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The company had revenue of $449.60 million during the quarter, compared to analysts’ expectations of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. Equities analysts predict that ProFrac Holding Corp. will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its position in shares of ProFrac by 186.9% during the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after buying an additional 114,429 shares in the last quarter. Quantinno Capital Management LP grew its holdings in ProFrac by 94.4% during the 1st quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock worth $298,000 after acquiring an additional 23,347 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of ProFrac in the 1st quarter worth about $872,000. Sei Investments Co. raised its stake in shares of ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after purchasing an additional 47,800 shares in the last quarter. Finally, Walleye Capital LLC raised its stake in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after purchasing an additional 266,742 shares in the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.