ProFrac (NASDAQ:ACDC) Stock Price Up 9% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were up 9% on Friday . The stock traded as high as $4.42 and last traded at $4.34. Approximately 312,708 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 589,609 shares. The stock had previously closed at $3.98.

Analysts Set New Price Targets

Separately, Stifel Nicolaus reduced their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.20.

ProFrac Stock Up 10.8 %

The stock’s 50-day moving average price is $5.89 and its two-hundred day moving average price is $6.98. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $704.78 million, a P/E ratio of -3.12 and a beta of 1.14.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Farris Wilks acquired 338,756 shares of ProFrac stock in a transaction that occurred on Wednesday, February 26th. The stock was acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its stake in shares of ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares during the period. GAMMA Investing LLC grew its holdings in ProFrac by 110.7% during the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock valued at $45,000 after buying an additional 3,021 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of ProFrac during the fourth quarter valued at about $57,000. Hennessy Advisors Inc. lifted its holdings in shares of ProFrac by 50.0% in the fourth quarter. Hennessy Advisors Inc. now owns 30,000 shares of the company’s stock worth $233,000 after buying an additional 10,000 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of ProFrac in the fourth quarter valued at approximately $115,000. Hedge funds and other institutional investors 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.