ProFrac (NASDAQ:ACDC) Trading Up 8.2% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) was up 8.2% during trading on Monday . The company traded as high as $7.87 and last traded at $7.8750. Approximately 1,161,464 shares traded hands during trading, a decline of 12% from the average daily volume of 1,324,867 shares. The stock had previously closed at $7.28.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Piper Sandler upped their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday. Morgan Stanley upped their price objective on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, April 15th. Zacks Research upgraded ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Finally, UBS Group restated a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $6.17.

ProFrac Trading Up 7.3%

The firm has a 50-day moving average of $6.49 and a 200-day moving average of $5.21. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The firm has a market capitalization of $1.41 billion, a P/E ratio of -3.06 and a beta of 1.51.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.10). ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%.The company had revenue of $449.60 million for the quarter, compared to the consensus estimate of $426.39 million. On average, equities research analysts anticipate that ProFrac Holding Corp. will post -1.22 EPS for the current fiscal year.

Institutional Investors Weigh In On ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. First Financial Bankshares Inc increased its position in ProFrac by 30.1% during the 3rd quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after buying an additional 973,062 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in ProFrac during the 3rd quarter valued at approximately $2,377,000. JPMorgan Chase & Co. increased its position in ProFrac by 125.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 228,477 shares of the company’s stock valued at $845,000 after buying an additional 127,286 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in ProFrac during the 3rd quarter valued at approximately $501,000. Finally, SummerHaven Investment Management LLC bought a new position in ProFrac during the 3rd quarter valued at approximately $406,000. 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.