ProFrac (NASDAQ:ACDC) Trading Down 7.2% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price fell 7.2% on Wednesday . The company traded as low as $4.77 and last traded at $4.7250. 463,634 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,444,701 shares. The stock had previously closed at $5.09.

Wall Street Analyst Weigh In

Several research firms recently commented on ACDC. Piper Sandler boosted their price objective on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Finally, Morgan Stanley lowered their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $5.25.

ProFrac Stock Up 7.0%

The company has a market cap of $865.07 million, a P/E ratio of -2.04 and a beta of 1.46. The company’s 50-day moving average is $5.11 and its two-hundred day moving average is $5.90. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59.

Insider Activity

In related news, major shareholder Dan H. Wilks acquired 202,331 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $5.44 per share, with a total value of $1,100,680.64. Following the completion of the acquisition, the insider directly owned 87,500,195 shares of the company’s stock, valued at approximately $476,001,060.80. This trade represents a 0.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew Wilks acquired 22,481 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were bought at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the transaction, the chief executive officer owned 502,097 shares of the company’s stock, valued at $2,731,407.68. This trade represents a 4.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 800,000 shares of company stock valued at $4,018,391 over the last quarter. 2.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Walleye Capital LLC lifted its position in shares of ProFrac by 3.6% in the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock valued at $316,000 after acquiring an additional 2,785 shares in the last quarter. Vanguard Group Inc. increased its position in ProFrac by 0.7% in the third quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock worth $1,580,000 after purchasing an additional 3,003 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in ProFrac by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock valued at $359,000 after purchasing an additional 3,318 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after purchasing an additional 3,514 shares during the period. Institutional investors 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.