ProFrac (NASDAQ:ACDC) Trading Down 4.3% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were down 4.3% during mid-day trading on Wednesday . The company traded as low as $8.66 and last traded at $8.63. Approximately 48,876 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 404,026 shares. The stock had previously closed at $9.02.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus cut their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a report on Monday, January 6th. Bank of America reissued a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $7.20.

ProFrac Trading Down 2.4 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The firm’s fifty day moving average price is $7.87 and its 200-day moving average price is $7.23. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -6.25 and a beta of 1.20.

Institutional Investors Weigh In On ProFrac

A number of large investors have recently made changes to their positions in ACDC. GAMMA Investing LLC grew its stake in ProFrac by 110.7% in the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after purchasing an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in ProFrac during the 4th quarter valued at $57,000. Townsquare Capital LLC acquired a new position in ProFrac in the 3rd quarter valued at approximately $87,000. Quantinno Capital Management LP bought a new position in ProFrac in the third quarter worth $100,000. Finally, SG Americas Securities LLC acquired a new stake in shares of ProFrac during the 4th quarter valued at about $115,000. 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.