ProFrac (NASDAQ:ACDC) Shares Gap Down - What's Next?

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $8.23, but opened at $7.62. ProFrac shares last traded at $7.50, with a volume of 162,095 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ACDC. Stifel Nicolaus decreased their price objective on ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Bank of America lowered ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 target price on the stock. in a report on Wednesday. Finally, Wall Street Zen upgraded shares of ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $6.70.

ProFrac Price Performance

The company has a market capitalization of $1.27 billion, a PE ratio of -5.33 and a beta of 1.75. The company has a current ratio of 0.98, a quick ratio of 0.69 and a debt-to-equity ratio of 0.92. The company's 50 day moving average price is $6.81 and its 200-day moving average price is $7.13.

ProFrac (NASDAQ:ACDC - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.11) 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%. On average, sell-side analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc acquired 23,584 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average cost of $6.12 per share, with a total value of $144,334.08. Following the acquisition, the insider now owns 79,258,442 shares in the company, valued at approximately $485,061,665.04. This represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Matthew Wilks purchased 20,221 shares of the company's stock in a transaction on Friday, May 9th. The stock was acquired at an average cost of $4.32 per share, for a total transaction of $87,354.72. Following the completion of the transaction, the chairman now owns 308,977 shares in the company, valued at approximately $1,334,780.64. This trade represents a 7.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 733,996 shares of company stock worth $4,356,960. Corporate insiders own 2.84% of the company's stock.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in ACDC. AlphaQuest LLC acquired a new position in shares of ProFrac in the 4th quarter valued at $66,000. Exchange Traded Concepts LLC increased its stake 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 period. HighTower Advisors LLC acquired a new position in ProFrac in the fourth quarter worth about $85,000. Walleye Capital LLC acquired a new stake in ProFrac during the first quarter valued at approximately $97,000. Finally, Deutsche Bank AG grew its stake in shares of ProFrac by 64.7% in the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company's stock valued at $111,000 after purchasing an additional 5,767 shares during the period. 12.75% of the stock is 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.