ProFrac (NASDAQ:ACDC) Trading Down 5.2% on Analyst Downgrade

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) dropped 5.2% during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $7.00 to $6.00. Stifel Nicolaus currently has a hold rating on the stock. ProFrac traded as low as $4.49 and last traded at $4.54. Approximately 50,132 shares changed hands during trading, a decline of 93% from the average daily volume of 731,208 shares. The stock had previously closed at $4.79.

Insider Buying and Selling at ProFrac

In other news, major shareholder Farris Wilks bought 338,756 shares of the stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the purchase, the insider now directly owns 1,316,534 shares in the company, valued at $9,123,580.62. The trade was a 34.65 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ProFrac

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its stake in shares of ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock worth $13,858,000 after buying an additional 1,692,908 shares during the period. Wells Fargo & Company MN increased its holdings in ProFrac by 52.0% in the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after acquiring an additional 146,028 shares in the last quarter. Mariner LLC raised its position in ProFrac by 184.2% during the fourth quarter. Mariner LLC now owns 146,429 shares of the company's stock worth $1,136,000 after acquiring an additional 94,902 shares during the period. BNP Paribas Financial Markets purchased a new position in ProFrac during the fourth quarter valued at $469,000. Finally, American Century Companies Inc. grew its position in shares of ProFrac by 12.8% in the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after purchasing an additional 59,908 shares during the period. Institutional investors and hedge funds own 12.75% of the company's stock.

ProFrac Stock Performance

The firm's 50 day simple moving average is $6.73 and its 200-day simple moving average is $7.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The company has a market cap of $784.87 million, a price-to-earnings ratio of -3.48 and a beta of 1.05.

ProFrac Company Profile

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.