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

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) gapped down before the market opened 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.

Analyst Ratings Changes

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

ProFrac Trading Down 0.6%

The company has a debt-to-equity ratio of 0.92, a current ratio of 0.98 and a quick ratio of 0.69. The firm has a market cap of $1.30 billion, a PE ratio of -5.43 and a beta of 1.75. The company's 50 day moving average price is $6.87 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) 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%. As a group, analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc purchased 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, for a total transaction of $1,294,768.75. Following the completion of the purchase, the insider now directly owns 79,855,858 shares of the company's stock, valued at $499,099,112.50. The trade was a 0.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Matthew Wilks acquired 69,176 shares of the company's stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $4.85 per share, for a total transaction of $335,503.60. Following the completion of the transaction, the chairman now owns 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 have acquired a total of 733,996 shares of company stock worth $4,356,960 in the last ninety days. 2.84% of the stock is owned by corporate insiders.

Institutional Trading of ProFrac

Hedge funds and other institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC purchased a new position in shares of ProFrac in the 4th quarter valued at about $112,000. Bank of New York Mellon Corp raised its position 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 acquiring an additional 1,692,908 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of ProFrac by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 181,661 shares of the company's stock worth $1,410,000 after acquiring an additional 5,884 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of ProFrac during the 4th quarter worth about $66,000. Finally, HighTower Advisors LLC acquired a new stake in shares of ProFrac during the 4th quarter worth about $85,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.