ProFrac (NASDAQ:ACDC) Reaches New 1-Year High - Here's What Happened

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) 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.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded ProFrac from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Morgan Stanley lowered their price objective on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Finally, Stifel Nicolaus cut their target price on ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $6.90.

ProFrac Stock Performance

The stock's 50-day moving average price is $5.94 and its 200-day moving average price is $7.09. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -6.49 and a beta of 1.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, equities research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 207,163 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the transaction, the insider now directly owns 79,855,858 shares of the company's stock, valued at approximately $499,099,112.50. This trade represents a 0.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Matthew Wilks bought 69,176 shares of the stock in a transaction on Monday, May 12th. The shares were bought at an average price of $4.85 per share, for a total transaction of $335,503.60. Following the acquisition, the chairman now owns 378,153 shares in the company, valued at $1,834,042.05. The trade was a 22.39% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 733,996 shares of company stock worth $4,356,960. 2.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. AlphaQuest LLC purchased a new stake in ProFrac in the 4th quarter worth approximately $66,000. Exchange Traded Concepts LLC boosted its holdings in ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock valued at $77,000 after acquiring an additional 9,416 shares during the last quarter. HighTower Advisors LLC acquired a new stake in ProFrac during the 4th quarter worth approximately $85,000. Walleye Capital LLC acquired a new position in shares of ProFrac during the 1st quarter valued at $97,000. Finally, Private Advisor Group LLC acquired a new position in ProFrac during the 4th quarter worth approximately $112,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.