ProFrac (NASDAQ:ACDC) Shares Up 8.9% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price rose 8.9% during trading on Thursday . The stock traded as high as $8.00 and last traded at $7.9750. Approximately 656,257 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 1,349,781 shares. The stock had previously closed at $7.32.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ACDC shares. UBS Group reiterated a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Morgan Stanley lifted their target price on ProFrac from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, April 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Friday, March 27th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Piper Sandler lifted 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. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $6.17.

ProFrac Trading Down 14.0%

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -2.72 and a beta of 1.41. 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 company has a 50 day moving average of $6.78 and a 200 day moving average of $5.46.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) earnings per share 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 analysts’ expectations of $426.39 million. On average, research analysts predict that ProFrac Holding Corp. will post -1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning purchased a new stake in shares of ProFrac during the 2nd quarter worth approximately $102,000. JPMorgan Chase & Co. lifted its position in ProFrac by 818.7% during the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after buying an additional 90,176 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after acquiring an additional 3,476 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of ProFrac during the 2nd quarter worth about $553,000. Finally, Sei Investments Co. boosted its position in shares of ProFrac by 17.7% in the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after acquiring an additional 6,200 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.