ProFrac (NASDAQ:ACDC) Shares Up 7.3% - Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shares shot up 7.3% during trading on Tuesday . The stock traded as high as $7.65 and last traded at $7.89. 58,141 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 724,064 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

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

ProFrac Price Performance

The business has a fifty day simple moving average of $7.35 and a two-hundred day simple moving average of $7.13. 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 stock has a market cap of $1.23 billion, a PE ratio of -5.19 and a beta of 1.69.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share 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 year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 207,163 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 79,855,858 shares of the company's stock, valued at $499,099,112.50. The trade was a 0.26% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Matthew Wilks bought 69,176 shares of the firm's 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 completion of the purchase, the chairman 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. Over the last three months, insiders bought 733,996 shares of company stock worth $4,356,960. Insiders own 2.84% of the company's stock.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently modified their holdings of ACDC. AlphaQuest LLC purchased a new stake in ProFrac in the 4th quarter worth $66,000. Exchange Traded Concepts LLC lifted its holdings in shares of ProFrac by 1,258.8% in the 1st 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 last quarter. HighTower Advisors LLC bought a new stake in ProFrac in the fourth quarter worth about $85,000. Walleye Capital LLC bought a new stake in ProFrac in the first quarter worth about $97,000. Finally, Deutsche Bank AG lifted its stake in ProFrac by 64.7% in the first quarter. Deutsche Bank AG now owns 14,680 shares of the company's stock worth $111,000 after purchasing an additional 5,767 shares during the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.