ProFrac (NASDAQ:ACDC) Shares Up 7.1% – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price shot up 7.1% during trading on Friday . The company traded as high as $3.97 and last traded at $3.9750. Approximately 556,663 shares were traded during trading, a decline of 60% from the average daily volume of 1,382,889 shares. The stock had previously closed at $3.71.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ACDC shares. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Morgan Stanley set a $5.00 target price on ProFrac in a report on Wednesday, July 15th. Piper Sandler boosted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. One 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. According to data from MarketBeat, ProFrac currently has a consensus rating of “Reduce” and a consensus target price of $5.50.

ProFrac Stock Up 8.9%

The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The firm’s fifty day simple moving average is $5.72 and its 200 day simple moving average is $5.89. The stock has a market capitalization of $730.92 million, a price-to-earnings ratio of -1.58 and a beta of 1.42.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $449.60 million during the quarter, compared to analyst estimates of $426.39 million. On average, sell-side analysts forecast that ProFrac Holding Corp. will post -1.16 earnings per share for the current year.

Hedge Funds Weigh In On ProFrac

Large investors have recently added to or reduced their stakes in the company. Creative Planning bought a new stake in shares of ProFrac in the second quarter valued at about $102,000. JPMorgan Chase & Co. raised its position in ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after buying an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after acquiring an additional 3,476 shares in the last quarter. First Trust Advisors LP acquired a new position in ProFrac during the 2nd quarter worth approximately $553,000. Finally, Sei Investments Co. grew its stake in shares of ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after acquiring an additional 6,200 shares in the last quarter. 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.