ProFrac (NASDAQ:ACDC) Stock Price Up 7.5% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) shot up 7.5% on Monday . The company traded as high as $7.90 and last traded at $7.85. 330,462 shares were traded during trading, a decline of 24% from the average session volume of 433,162 shares. The stock had previously closed at $7.30.

Analysts Set New Price Targets

A number of brokerages have issued reports on ACDC. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. 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. Finally, Stifel Nicolaus reduced their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.20.

ProFrac Price Performance

The stock has a fifty day simple moving average of $7.86 and a two-hundred day simple moving average of $7.22. The company has a market cap of $1.20 billion, a PE ratio of -5.32 and a beta of 1.19. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Institutional Investors Weigh In On ProFrac

A number of large investors have recently bought and sold shares of ACDC. Barclays PLC increased its position in ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock worth $199,000 after purchasing an additional 19,898 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of 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 buying an additional 443,530 shares in the last quarter. Arete Wealth Advisors LLC raised its stake in shares of 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. Empowered Funds LLC acquired a new position in shares of ProFrac in the 3rd quarter worth approximately $3,764,000. Finally, SG Americas Securities LLC acquired a new position in ProFrac in the fourth quarter worth $115,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.