ProFrac (NASDAQ:ACDC) Shares Gap Up – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) gapped up before the market opened on Tuesday . The stock had previously closed at $6.24, but opened at $6.54. ProFrac shares last traded at $6.93, with a volume of 303,644 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ACDC shares. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a research note on Friday, October 11th. Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Bank of America reaffirmed a “hold” rating and issued a $7.50 price target on shares of ProFrac in a report on Monday, October 14th. Finally, Piper Sandler cut their target price on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, July 15th.

ProFrac Price Performance

The firm has a market capitalization of $1.03 billion, a PE ratio of -5.48 and a beta of 0.84. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The firm’s fifty day simple moving average is $6.53 and its 200-day simple moving average is $7.38.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The business had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. On average, research analysts forecast that ProFrac Holding Corp. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 130,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the purchase, the insider now owns 76,800,545 shares of the company’s stock, valued at $498,435,537.05. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have acquired 1,933,600 shares of company stock valued at $12,207,161 in the last quarter. 2.93% of the stock is owned by insiders.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently added to or reduced their stakes in the company. Delta Investment Management LLC boosted its holdings in ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after acquiring an additional 5,000 shares in the last quarter. Dimensional Fund Advisors LP grew its position in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after purchasing an additional 5,312 shares during the last quarter. nVerses Capital LLC acquired a new position in ProFrac during the 2nd quarter valued at approximately $44,000. Bank of New York Mellon Corp increased its position in shares of ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after acquiring an additional 12,683 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in ProFrac in the 2nd quarter worth $150,000. 12.75% of the stock is currently owned by 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.