ProFrac (NASDAQ:ACDC) Shares Down 6.7% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) shares dropped 6.7% on Monday . The stock traded as low as $4.87 and last traded at $4.8250. Approximately 68,140 shares were traded during trading, a decline of 95% from the average daily volume of 1,435,260 shares. The stock had previously closed at $5.17.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley reduced their target price on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Monday. Finally, Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research note on Sunday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, ProFrac presently has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Down 4.8%

The business’s 50 day moving average is $4.80 and its 200-day moving average is $5.86. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. The company has a market cap of $859.61 million, a PE ratio of -2.03 and a beta of 1.49.

Insider Activity

In other news, major shareholder Dan H. Wilks acquired 30,820 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average cost of $4.81 per share, with a total value of $148,244.20. Following the transaction, the insider owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Wilks bought 22,481 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average cost of $5.44 per share, for a total transaction of $122,296.64. Following the acquisition, the chief executive officer directly owned 502,097 shares of the company’s stock, valued at $2,731,407.68. The trade was a 4.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently added to or reduced their stakes in the business. Walleye Capital LLC boosted its holdings in shares of ProFrac by 328.6% in the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after acquiring an additional 266,742 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of ProFrac by 156.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after acquiring an additional 238,210 shares during the period. Renaissance Technologies LLC purchased a new stake in ProFrac in the 1st quarter valued at approximately $872,000. Bank of America Corp DE boosted its stake in shares of ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after buying an additional 114,429 shares in the last quarter. Finally, Corient Private Wealth LP acquired a new position in ProFrac during the second quarter worth $368,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Company Profile

ProFrac Holding Corp. (NASDAQ: ACDC) is an energy services company that provides hydraulic fracturing and other well-completion services to oil and natural gas exploration and production companies. Its services are used primarily during the development of unconventional wells, including shale and tight-oil formations.

The company operates a vertically integrated business that includes stimulation services, proppant production and equipment manufacturing. Its offerings include hydraulic fracturing fleets, frac sand and other proppants, well-completion chemicals, and related equipment and services designed to support the drilling and completion process.

ProFrac serves customers in major U.S.