ProFrac (NASDAQ:ACDC) Stock Price Down 6.2% - Here's Why

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price was down 6.2% during trading on Thursday . The stock traded as low as $7.45 and last traded at $7.44. Approximately 73,756 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 723,290 shares. The stock had previously closed at $7.93.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ACDC shares. Stifel Nicolaus dropped their target price on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Tuesday, April 15th. Wall Street Zen upgraded shares of 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 for the company in a research report on Friday, May 16th. Finally, Bank of America cut shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price objective for the company. in a research report on Wednesday, June 25th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $6.70.

ProFrac Stock Performance

The stock's 50-day moving average is $7.16 and its 200-day moving average is $7.12. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -4.77 and a beta of 1.69. The company has a current ratio of 0.98, a quick ratio of 0.69 and a debt-to-equity ratio of 0.92.

ProFrac (NASDAQ:ACDC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.20. ProFrac had a negative net margin of 10.72% and a negative return on equity of 11.85%. On average, analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Matthew Wilks acquired 69,176 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average cost of $4.85 per share, for a total transaction of $335,503.60. Following the completion of the acquisition, the chairman directly owned 378,153 shares of the company's stock, valued at approximately $1,834,042.05. This trade represents a 22.39% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc acquired 207,163 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average price of $6.25 per share, with a total value of $1,294,768.75. Following the completion of the acquisition, the insider directly owned 79,855,858 shares of the company's stock, valued at $499,099,112.50. This trade represents a 0.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 733,996 shares of company stock valued at $4,356,960 over the last 90 days. 2.84% of the stock is currently owned by company insiders.

Institutional Trading of ProFrac

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in ProFrac in the fourth quarter valued at $469,000. Ameriprise Financial Inc. boosted its position in ProFrac by 36.2% during the fourth quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company's stock valued at $1,154,000 after acquiring an additional 39,560 shares during the last quarter. GAMMA Investing LLC boosted its position in ProFrac by 689.6% during the first quarter. GAMMA Investing LLC now owns 45,396 shares of the company's stock valued at $345,000 after acquiring an additional 39,647 shares during the last quarter. Wells Fargo & Company MN boosted its position in ProFrac by 52.0% during the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock valued at $3,313,000 after acquiring an additional 146,028 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after acquiring an additional 59,908 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.