ProFrac (NASDAQ:ACDC) Shares Gap Up – Still a Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.71, but opened at $4.88. ProFrac shares last traded at $5.1950, with a volume of 147,222 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ACDC. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Finally, Morgan Stanley increased their price target on shares of ProFrac from $5.00 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $6.00.

ProFrac Trading Down 3.5%

The firm’s 50-day moving average price is $6.60 and its 200-day moving average price is $5.83. The company has a quick ratio of 0.58, a current ratio of 0.82 and a debt-to-equity ratio of 1.27. The company has a market cap of $886.51 million, a P/E ratio of -1.92 and a beta of 1.42.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) 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 business had revenue of $449.60 million during the quarter, compared to the consensus estimate of $426.39 million. As a group, equities research analysts expect that ProFrac Holding Corp. will post -1.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently made changes to their positions in the stock. UBS Group AG raised its stake in shares of ProFrac by 1,862.8% during the 3rd quarter. UBS Group AG now owns 705,568 shares of the company’s stock valued at $2,611,000 after purchasing an additional 669,621 shares during the period. Tudor Investment Corp ET AL bought a new position in ProFrac in the 3rd quarter worth about $2,377,000. AQR Capital Management LLC boosted its stake in ProFrac by 61.7% in the 4th quarter. AQR Capital Management LLC now owns 1,638,822 shares of the company’s stock worth $6,375,000 after purchasing an additional 625,596 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in ProFrac by 27.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock valued at $5,494,000 after buying an additional 322,860 shares in the last quarter. Finally, HRT Financial LP grew its holdings in ProFrac by 409.5% during the 4th quarter. HRT Financial LP now owns 382,837 shares of the company’s stock valued at $1,489,000 after buying an additional 307,696 shares in the last quarter. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.