ProFrac (NASDAQ:ACDC) Reaches New 12-Month High – Here’s Why

ProFrac Holding Corp. (NASDAQ:ACDC) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $9.50 and last traded at $9.36, with a volume of 599149 shares trading hands. The stock had previously closed at $8.73.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Morgan Stanley dropped their price target on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ProFrac has a consensus rating of “Hold” and an average price target of $6.90.

ProFrac Stock Up 7.0%

The company has a market cap of $1.50 billion, a price-to-earnings ratio of -6.63 and a beta of 1.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The firm has a 50-day moving average price of $5.71 and a 200 day moving average price of $7.05.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. ProFrac had a negative net margin of 9.51% and a negative return on equity of 3.54%. Sell-side analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc bought 390,253 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $6.10 per share, with a total value of $2,380,543.30. Following the completion of the acquisition, the insider now owns 79,648,695 shares of the company’s stock, valued at $485,857,039.50. The trade was a 0.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Matthew Wilks bought 69,176 shares of the business’s stock in a transaction on Monday, May 12th. The stock was bought at an average price of $4.85 per share, for a total transaction of $335,503.60. Following the transaction, the chairman now directly owns 378,153 shares of the company’s stock, valued at approximately $1,834,042.05. This represents a 22.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 733,996 shares of company stock worth $4,356,960. Corporate insiders own 2.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ACDC. AlphaQuest LLC bought a new stake in ProFrac during the 4th quarter worth $66,000. Exchange Traded Concepts LLC grew its position in shares of ProFrac by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after buying an additional 9,416 shares during the last quarter. HighTower Advisors LLC acquired a new stake in ProFrac during the 4th quarter valued at approximately $85,000. Walleye Capital LLC bought a new position in ProFrac during the first quarter worth $97,000. Finally, Deutsche Bank AG lifted its stake in shares of ProFrac by 64.7% in the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock valued at $111,000 after purchasing an additional 5,767 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.