ProFrac (NASDAQ:ACDC) Sees Strong Trading Volume – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) shares saw strong trading volume on Friday. Approximately 2,899,580 shares changed hands during mid-day trading, an increase of 97% from the average daily volume of 1,472,362 shares. The stock last traded at $2.9950 and had previously closed at $3.19.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ACDC shares. Piper Sandler dropped their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, November 7th. Finally, Morgan Stanley decreased their price target on shares of ProFrac from $4.50 to $4.00 and set an “underweight” rating on the stock in a research report on Monday. 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 stock. 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 fifty day simple moving average of $4.45 and a 200 day simple moving average of $5.47. 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 stock has a market cap of $567.30 million, a price-to-earnings ratio of -1.43 and a beta of 1.48.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.19). The firm had revenue of $511.10 million for the quarter, compared to analyst estimates of $555.66 million. ProFrac had a negative return on equity of 47.13% and a negative net margin of 20.47%. As a group, sell-side analysts expect that ProFrac Holding Corp. will post -1.34 earnings per share for the current year.

Insiders Place Their Bets

In other ProFrac news, major shareholder Dan H. Wilks purchased 30,820 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were purchased at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the completion of the purchase, the insider directly owned 88,107,422 shares of the company’s stock, valued at approximately $423,796,699.82. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings Lp Thrc purchased 30,820 shares of the stock in a transaction on Tuesday, August 25th. The stock was acquired at an average cost of $4.81 per share, for a total transaction of $148,244.20. Following the acquisition, the insider directly owned 83,816,235 shares in the company, valued at approximately $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 1,214,454 shares of company stock worth $5,731,726 in the last quarter. Corporate insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

Several institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue raised its position in ProFrac by 47.6% in the third quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock worth $37,000 after purchasing an additional 2,795 shares in the last quarter. Allworth Financial LP lifted its stake in ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in ProFrac during the second quarter valued at approximately $68,000. AXQ Capital LP boosted its holdings in ProFrac by 11.0% during the second quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock valued at $263,000 after purchasing an additional 4,487 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in ProFrac by 94.4% during the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock valued at $298,000 after purchasing an additional 23,347 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

About ProFrac

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.