ProFrac (NASDAQ:ACDC) Shares Up 5.2% – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) shares rose 5.2% during mid-day trading on Monday. The company traded as high as $4.22 and last traded at $4.2810. Approximately 57,864 shares were traded during mid-day trading, a decline of 96% from the average session volume of 1,402,851 shares. The stock had previously closed at $4.07.

Analyst Upgrades and Downgrades

ACDC has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. Morgan Stanley reduced their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Finally, Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Up 8.0%

The company has a 50-day moving average of $4.72 and a two-hundred day moving average of $5.56. 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 company has a market capitalization of $800.42 million, a P/E ratio of -1.88 and a beta of 1.52.

Insiders Place Their Bets

In related news, major shareholder Dan H. Wilks acquired 517,669 shares of the stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, with a total value of $2,515,871.34. Following the transaction, the insider directly owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. This represents a 0.60% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Holdings Lp Thrc acquired 363,757 shares of the business’s stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the completion of the acquisition, the insider owned 83,785,415 shares in the company, valued at approximately $393,791,450.50. This represents a 0.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 2,014,454 shares of company stock valued at $9,750,117. Insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

A number of large investors have recently made changes to their positions in the business. State of Alaska Department of Revenue raised its holdings in ProFrac by 47.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock valued at $37,000 after buying an additional 2,795 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of ProFrac during the second quarter valued at approximately $68,000. Allworth Financial LP increased its holdings in ProFrac by 88.8% during the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares during the period. Corient Private Wealth LP bought a new position in shares of ProFrac during the 2nd quarter worth $368,000. Finally, AXQ Capital LP raised its holdings in shares of ProFrac by 11.0% in the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock valued at $263,000 after purchasing an additional 4,487 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.