ProFrac (NASDAQ:ACDC) Shares Down 5.4% – Time to Sell?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) fell 5.4% during trading on Wednesday . The company traded as low as $4.05 and last traded at $4.02. 183,463 shares were traded during mid-day trading, a decline of 82% from the average session volume of 1,042,824 shares. The stock had previously closed at $4.25.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ACDC. Piper Sandler dropped their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Morgan Stanley set a $4.50 price objective on ProFrac and gave the company an “underweight” rating in a research report on Friday, October 17th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, October 8th. Finally, Zacks Research lowered shares of ProFrac from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, ProFrac presently has a consensus rating of “Strong Sell” and an average price target of $5.80.

ProFrac Price Performance

The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The company’s 50 day moving average is $4.11 and its 200 day moving average is $5.78. The firm has a market capitalization of $690.92 million, a price-to-earnings ratio of -1.86 and a beta of 1.66.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Monday, November 10th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.17). The business had revenue of $403.10 million for the quarter, compared to the consensus estimate of $412.00 million. ProFrac had a negative return on equity of 31.42% and a negative net margin of 16.86%. On average, equities research analysts anticipate that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Matthew Wilks acquired 43,297 shares of ProFrac stock in a transaction on Monday, September 8th. The shares were purchased at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the purchase, the chairman directly owned 422,097 shares of the company’s stock, valued at approximately $1,603,968.60. This represents a 11.43% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $4.00 per share, for a total transaction of $10,000,000.00. Following the completion of the acquisition, the insider owned 82,389,657 shares in the company, valued at approximately $329,558,628. This trade represents a 3.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.64% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of ProFrac by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock worth $359,000 after purchasing an additional 3,318 shares during the period. Quantbot Technologies LP bought a new position in ProFrac during the third quarter worth $94,000. Intech Investment Management LLC raised its stake in ProFrac by 27.2% during the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after buying an additional 3,514 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of ProFrac in the 3rd quarter worth $501,000. Finally, AXQ Capital LP bought a new stake in shares of ProFrac during the third quarter worth about $48,000. 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.