ProFrac (NASDAQ:ACDC) Shares Gap Down to $7.93

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $7.93, but opened at $7.76. ProFrac shares last traded at $8.00, with a volume of 66,680 shares.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Stifel Nicolaus lowered their target price on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, March 14th. Bank of America lifted their target price on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Monday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.50.

ProFrac Trading Up 1.5 %

The business has a fifty day moving average of $8.00 and a 200-day moving average of $8.25. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -14.96 and a beta of 0.71. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, March 15th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). The company had revenue of $489.10 million during the quarter, compared to analysts’ expectations of $594.17 million. ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. On average, equities analysts anticipate that ProFrac Holding Corp. will post 0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently bought and sold shares of the stock. Pinnacle Associates Ltd. grew its stake in ProFrac by 34.9% during the 4th quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $987,000 after acquiring an additional 30,085 shares in the last quarter. SG Americas Securities LLC purchased a new position in ProFrac during the 3rd quarter valued at about $159,000. New York State Common Retirement Fund grew its stake in ProFrac by 56.4% during the 3rd quarter. New York State Common Retirement Fund now owns 48,661 shares of the company’s stock valued at $529,000 after acquiring an additional 17,539 shares in the last quarter. Bank of New York Mellon Corp grew its stake in ProFrac by 5.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 172,244 shares of the company’s stock valued at $1,874,000 after acquiring an additional 8,265 shares in the last quarter. Finally, Barclays PLC purchased a new position in ProFrac during the 2nd quarter valued at about $936,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.