ProFrac (NASDAQ:ACDC) Trading Up 5.5% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price shot up 5.5% during mid-day trading on Tuesday . The stock traded as high as $7.88 and last traded at $8.01. 174,723 shares traded hands during trading, a decline of 62% from the average session volume of 464,728 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Stifel Nicolaus boosted their price target on ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a report on Monday, March 10th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. Two equities research 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.com, ProFrac currently has an average rating of “Hold” and an average target price of $7.40.

ProFrac Price Performance

The stock has a market capitalization of $1.07 billion, a PE ratio of -4.74 and a beta of 1.18. The stock’s 50 day moving average is $7.49 and its two-hundred day moving average is $7.39. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

Insiders Place Their Bets

In related news, major shareholder Farris Wilks purchased 338,756 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the transaction, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares in the last quarter. Wells Fargo & Company MN lifted its position in ProFrac by 52.0% in the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock valued at $3,313,000 after purchasing an additional 146,028 shares during the period. Arete Wealth Advisors LLC boosted its holdings in ProFrac by 478.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after purchasing an additional 107,908 shares in the last quarter. Finally, Mariner LLC increased its position in ProFrac by 184.2% during the 4th quarter. Mariner LLC now owns 146,429 shares of the company’s stock worth $1,136,000 after purchasing an additional 94,902 shares during the period. 12.75% of the stock is owned by institutional investors and hedge funds.

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.