ProFrac (NASDAQ:ACDC) Trading Down 5.5% – What’s Next?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were down 5.5% on Wednesday . The stock traded as low as $4.81 and last traded at $4.7180. Approximately 48,220 shares traded hands during trading, a decline of 97% from the average daily volume of 1,450,181 shares. The stock had previously closed at $4.99.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ACDC shares. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Piper Sandler boosted their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Morgan Stanley reduced their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, ProFrac has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

The stock has a fifty day moving average of $4.86 and a two-hundred day moving average of $5.87. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The stock has a market cap of $898.76 million, a price-to-earnings ratio of -2.11 and a beta of 1.49.

Insider Activity at ProFrac

In other ProFrac news, CEO Matthew Wilks purchased 57,519 shares of ProFrac stock in a transaction on Monday, August 10th. The shares were bought at an average price of $4.86 per share, with a total value of $279,542.34. Following the completion of the acquisition, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This trade represents a 13.63% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Dan H. Wilks bought 517,669 shares of ProFrac stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the purchase, the insider owned 87,297,864 shares in the company, valued at $424,267,619.04. This represents a 0.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 2,014,454 shares of company stock valued at $9,750,117 in the last ninety days. Corporate insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in ProFrac by 61.7% during the fourth quarter. AQR Capital Management LLC now owns 1,638,822 shares of the company’s stock worth $6,375,000 after buying an additional 625,596 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of ProFrac by 27.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock worth $5,494,000 after purchasing an additional 322,860 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in ProFrac by 2.8% during the 2nd quarter. Bridgeway Capital Management LLC now owns 1,199,562 shares of the company’s stock worth $9,309,000 after acquiring an additional 32,382 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of ProFrac by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 1,088,687 shares of the company’s stock valued at $4,235,000 after purchasing an additional 117,608 shares during the period. Finally, Empowered Funds LLC grew its holdings in ProFrac by 9.6% during the 4th quarter. Empowered Funds LLC now owns 776,893 shares of the company’s stock valued at $3,022,000 after purchasing an additional 67,939 shares in the last quarter. Institutional investors and hedge funds 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.