ProFrac (NASDAQ:ACDC) Shares Down 7.4% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) fell 7.4% on Thursday . The company traded as low as $4.69 and last traded at $4.6860. Approximately 624,246 shares changed hands during trading, a decline of 54% from the average session volume of 1,361,959 shares. The stock had previously closed at $5.06.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ACDC shares. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Piper Sandler increased their target price 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. Morgan Stanley set a $5.00 price target on shares of ProFrac in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, ProFrac has an average rating of “Reduce” and an average price target of $5.50.

ProFrac Price Performance

The company has a fifty day moving average of $6.11 and a 200-day moving average of $5.90. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The stock has a market cap of $770.72 million, a PE ratio of -1.67 and a beta of 1.42.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.10). The firm had revenue of $449.60 million for the quarter, compared to analysts’ expectations of $426.39 million. ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. Sell-side analysts expect that ProFrac Holding Corp. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On ProFrac

Several large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its stake in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in ProFrac during the second quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ProFrac during the 3rd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of ProFrac during the 4th quarter worth approximately $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of ProFrac in the 4th quarter valued at $47,000. Hedge funds and other 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.