ProFrac (NASDAQ:ACDC) Trading Down 4.5% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) dropped 4.5% on Tuesday . The stock traded as low as $4.62 and last traded at $4.6020. 590,469 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 1,457,525 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

Several analysts have commented on ACDC shares. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday. Piper Sandler increased their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Monday, May 18th. Morgan Stanley cut their target price on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One research 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 MarketBeat.com, ProFrac currently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Down 4.9%

The firm has a market cap of $835.03 million, a P/E ratio of -1.97 and a beta of 1.46. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The business has a fifty day moving average of $5.01 and a 200 day moving average of $5.89.

Insider Activity

In related news, major shareholder Dan H. Wilks acquired 517,669 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the acquisition, the insider owned 87,297,864 shares in the company, valued at $424,267,619.04. This represents a 0.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Wilks purchased 57,519 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $4.86 per share, for a total transaction of $279,542.34. Following the purchase, the chief executive officer owned 479,616 shares in the company, valued at $2,330,933.76. This trade represents a 13.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 800,000 shares of company stock valued at $4,018,391 over the last ninety days. 2.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ACDC. Creative Planning bought a new stake in ProFrac during the second quarter worth about $102,000. JPMorgan Chase & Co. increased its stake in shares of ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after purchasing an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 worth $27,000 after buying an additional 3,476 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of ProFrac during the 2nd quarter worth $553,000. Finally, Sei Investments Co. lifted its position in shares of ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after buying an additional 6,200 shares during the last quarter. Institutional investors and hedge funds 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.