ProFrac (NASDAQ:ACDC) Shares Down 6.2% - Here's What Happened

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ACDC. Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Stifel Nicolaus cut their target price on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley cut their target price on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Finally, Bank of America cut ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 target price on the stock. in a research note on Wednesday, June 25th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $6.70.

ProFrac Stock Performance

The firm has a fifty day moving average price of $7.16 and a 200 day moving average price of $7.12. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.69 and a current ratio of 0.98. The stock has a market cap of $1.14 billion, a PE ratio of -4.77 and a beta of 1.69.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its earnings results 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 return on equity of 11.85% and a negative net margin of 10.72%. Research analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc acquired 390,253 shares of ProFrac stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $2,380,543.30. Following the purchase, the insider owned 79,648,695 shares of the company's stock, valued at approximately $485,857,039.50. This represents a 0.49% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Matthew Wilks acquired 69,176 shares of ProFrac stock in a transaction on Monday, May 12th. The shares were bought at an average price of $4.85 per share, with a total value of $335,503.60. Following the purchase, the chairman directly owned 378,153 shares in the company, valued at approximately $1,834,042.05. The trade was a 22.39% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 733,996 shares of company stock valued at $4,356,960 in the last 90 days. 2.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProFrac

A number of institutional investors have recently modified their holdings of the stock. 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 valued at $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in ProFrac by 10.6% in the first quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company's stock valued at $8,859,000 after purchasing an additional 111,913 shares during the period. Empowered Funds LLC grew its holdings in ProFrac by 2.0% in the first quarter. Empowered Funds LLC now owns 594,680 shares of the company's stock valued at $4,514,000 after purchasing an additional 11,913 shares during the period. Geode Capital Management LLC grew its holdings in ProFrac by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company's stock valued at $4,591,000 after purchasing an additional 2,893 shares during the period. Finally, American Century Companies Inc. grew its holdings in ProFrac by 10.4% in the first quarter. American Century Companies Inc. now owns 583,820 shares of the company's stock valued at $4,431,000 after purchasing an additional 54,908 shares during the period. Hedge funds and other institutional investors own 12.75% of the company's stock.

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.