ProFrac (NASDAQ:ACDC) Stock Jumps 12.1% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) shot up 12.1% on Monday. The company traded as high as $3.43 and last traded at $3.3750. 578,423 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,444,803 shares. The stock had previously closed at $3.01.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ACDC. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Morgan Stanley lowered their price target on ProFrac from $4.50 to $4.00 and set an “underweight” rating on the stock in a report on Monday. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Piper Sandler dropped their price target on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $4.50.

ProFrac Stock Performance

The firm has a market cap of $645.62 million, a PE ratio of -1.63 and a beta of 1.48. The company has a current ratio of 0.90, a quick ratio of 0.59 and a debt-to-equity ratio of 1.45. The firm’s 50 day simple moving average is $4.52 and its 200 day simple moving average is $5.49.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.19). ProFrac had a negative net margin of 20.47% and a negative return on equity of 47.13%. The company had revenue of $511.10 million for the quarter, compared to the consensus estimate of $555.66 million. On average, research analysts forecast that ProFrac Holding Corp. will post -1.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc acquired 363,757 shares of ProFrac stock in a transaction on Monday, August 24th. The shares were acquired at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the purchase, the insider directly owned 83,785,415 shares in the company, valued at $393,791,450.50. The trade was a 0.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Dan H. Wilks acquired 363,757 shares of ProFrac stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $1,709,657.90. Following the purchase, the insider owned 88,076,602 shares in the company, valued at approximately $413,960,029.40. The trade was a 0.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 1,214,454 shares of company stock valued at $5,731,726. 2.23% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its position in ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after purchasing an additional 3,131 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of ProFrac by 47.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock worth $37,000 after buying an additional 2,795 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of ProFrac in the 2nd quarter worth about $68,000. SG Americas Securities LLC bought a new stake in shares of ProFrac in the 1st quarter worth about $86,000. Finally, AXQ Capital LP increased 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 worth $263,000 after buying an additional 4,487 shares during the last quarter. 12.75% of the stock is owned by hedge funds and other institutional investors.

ProFrac Company Profile

ProFrac Holding Corp. is an oilfield services company that supports onshore oil and natural gas producers, primarily in the United States. Its services focus on well completion, including hydraulic fracturing, which uses high-pressure fluid to help release hydrocarbons from underground formations. The company also provides wireline services used to prepare and monitor wells, and produces proppant and other materials used in completion operations. ProFrac’s business includes equipment and manufacturing capabilities that support its oilfield services operations.