ProFrac (NASDAQ:ACDC) Shares Up 4.9% - Still a Buy?

Key Points

• ProFrac Holding Corp. (NASDAQ: ACDC) saw its shares increase by 4.9% to a last traded price of $8.10, although trading volume was down significantly by 93% from the average.
• Several analysts have reduced their price targets for ProFrac, with the average target now set at $6.50 and ratings indicating mixed sentiment with three sell ratings and three hold ratings.
• Major shareholders have shown confidence in the company, with significant insider purchases occurring recently, including a major shareholder acquiring over 207,000 shares valued at approximately $1.29 million.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shot up 4.9% on Monday . The company traded as high as $8.09 and last traded at $8.10. 46,424 shares were traded during trading, a decline of 93% from the average session volume of 689,642 shares. The stock had previously closed at $7.72.

Analysts Set New Price Targets

Several research firms have issued reports on ACDC. Stifel Nicolaus cut their price target 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 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 report on Friday, May 16th. Piper Sandler initiated coverage on shares of ProFrac in a research note on Monday, July 14th. They set a "neutral" rating and a $8.00 target price for the company. Finally, Bank of America downgraded shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 target price for the company. in a research report on Wednesday, June 25th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $6.50.

ProFrac Trading Up 5.3%

The stock has a market cap of $1.30 billion, a PE ratio of -5.46 and a beta of 1.69. The stock has a 50-day moving average price of $8.04 and a two-hundred day moving average price of $7.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.98 and a quick ratio of 0.69.

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

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 207,163 shares of ProFrac stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $6.25 per share, with a total value of $1,294,768.75. Following the completion of the transaction, the insider owned 79,855,858 shares in the company, valued at approximately $499,099,112.50. This trade represents a 0.26% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Matthew Wilks purchased 69,176 shares of ProFrac stock in a transaction dated Monday, May 12th. The shares were acquired 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 owned 378,153 shares of the company's stock, valued at approximately $1,834,042.05. This represents a 22.39% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 733,996 shares of company stock valued at $4,356,960 in the last ninety days. Insiders own 2.84% of the company's stock.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC increased its position in shares of ProFrac by 10.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company's stock valued at $8,859,000 after acquiring an additional 111,913 shares during the period. Empowered Funds LLC grew its position in ProFrac by 2.0% during the 1st quarter. Empowered Funds LLC now owns 594,680 shares of the company's stock worth $4,514,000 after purchasing an additional 11,913 shares during the period. Geode Capital Management LLC grew its position in ProFrac by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company's stock worth $4,591,000 after purchasing an additional 2,893 shares during the period. American Century Companies Inc. grew its position in ProFrac by 10.4% during the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company's stock worth $4,431,000 after purchasing an additional 54,908 shares during the period. Finally, Wells Fargo & Company MN grew its position in ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after purchasing an additional 146,028 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.

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