ProFrac (NASDAQ:ACDC) Stock Price Down 3.4% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price was down 3.4% during trading on Friday . The company traded as low as $6.90 and last traded at $6.90. Approximately 256,859 shares were traded during trading, a decline of 69% from the average daily volume of 839,696 shares. The stock had previously closed at $7.14.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research note on Friday, October 11th. Bank of America reiterated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research note on Friday, December 6th. Finally, Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $7.40.

ProFrac Trading Down 2.1 %

The company has a market capitalization of $1.12 billion, a PE ratio of -4.96 and a beta of 1.15. The stock has a fifty day moving average of $7.15 and a two-hundred day moving average of $7.21. 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ACDC. nVerses Capital LLC bought a new position in ProFrac during the 2nd quarter worth approximately $44,000. Townsquare Capital LLC purchased a new position in shares of ProFrac in the third quarter worth $87,000. Quantinno Capital Management LP bought a new stake in ProFrac during the 3rd quarter valued at $100,000. Squarepoint Ops LLC purchased a new position in shares of ProFrac in the second quarter valued at about $150,000. Finally, Barclays PLC increased its holdings in 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. 12.75% of the stock is owned by institutional investors.

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.