ProFrac (NASDAQ:ACDC) Trading Down 5.5% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) fell 5.5% during mid-day trading on Wednesday . The stock traded as low as $6.84 and last traded at $6.8220. 64,780 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,326,016 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ACDC shares. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Morgan Stanley lifted their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. UBS Group reiterated a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Finally, Piper Sandler lifted their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $6.17.

ProFrac Stock Performance

The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The business’s 50 day moving average is $6.72 and its two-hundred day moving average is $5.32. The company has a market cap of $1.25 billion, a PE ratio of -2.70 and a beta of 1.51.

ProFrac (NASDAQ:ACDC) last released its earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.10). ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. The firm had revenue of $449.60 million for the quarter, compared to analysts’ expectations of $426.39 million. On average, equities research analysts anticipate that ProFrac Holding Corp. will post -1.15 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of ProFrac by 186.9% during the 1st 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. Quantinno Capital Management LP lifted its stake in shares of ProFrac by 94.4% during the 1st quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock valued at $298,000 after buying an additional 23,347 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of ProFrac during the 1st quarter valued at $872,000. Sei Investments Co. lifted its stake in ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after purchasing an additional 47,800 shares in the last quarter. Finally, Walleye Capital LLC lifted its stake in ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after purchasing an additional 266,742 shares in the last quarter. Hedge funds and other institutional investors 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.