ProFrac (NASDAQ:ACDC) Shares Down 5.5% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $6.84 and last traded at $6.8220. Approximately 64,780 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,326,016 shares. The stock had previously closed at $7.22.

Analyst Upgrades and Downgrades

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

ProFrac Stock Down 9.3%

The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The stock’s 50-day moving average price is $6.71 and its two-hundred day moving average price is $5.34. The stock has a market capitalization of $1.10 billion, a PE ratio of -2.38 and a beta of 1.51.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates 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%. As a group, analysts expect that ProFrac Holding Corp. will post -1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On ProFrac

Several large investors have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC raised its stake in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the period. Raymond James Financial Inc. bought a new stake in shares of ProFrac during the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of ProFrac during the third quarter worth $45,000. Price T Rowe Associates Inc. MD bought a new stake in ProFrac in the 4th quarter valued at $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in ProFrac in the 4th quarter worth $47,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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