ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) was down 4.5% on Thursday . The stock traded as low as $9.06 and last traded at $9.10. Approximately 203,941 shares changed hands during trading, a decline of 71% from the average daily volume of 710,040 shares. The stock had previously closed at $9.53.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on ACDC. Morgan Stanley decreased their target price on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. 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 note on Tuesday, April 15th. Finally, Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, ProFrac has a consensus rating of "Hold" and a consensus target price of $6.90.
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ProFrac Price Performance
The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm has a market capitalization of $1.47 billion, a P/E ratio of -6.49 and a beta of 1.75. The company has a 50-day moving average price of $6.04 and a 200-day moving average price of $7.08.
ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. On average, sell-side analysts predict that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.
Insider Buying and Selling at ProFrac
In other ProFrac news, major shareholder Holdings Lp Thrc purchased 23,584 shares of the stock in a transaction on Wednesday, May 14th. The shares were purchased at an average price of $6.12 per share, with a total value of $144,334.08. Following the completion of the transaction, the insider now directly owns 79,258,442 shares in the company, valued at $485,061,665.04. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Matthew Wilks acquired 69,176 shares of ProFrac stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $4.85 per share, with a total value of $335,503.60. Following the acquisition, the chairman now owns 378,153 shares of the company's stock, valued at approximately $1,834,042.05. This trade represents a 22.39% increase in their ownership of the stock. 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 90 days. 2.84% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On ProFrac
Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock valued at $13,858,000 after purchasing an additional 1,692,908 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in ProFrac by 10.6% during the first 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 last quarter. Empowered Funds LLC boosted its position in ProFrac by 2.0% during the first quarter. Empowered Funds LLC now owns 594,680 shares of the company's stock valued at $4,514,000 after acquiring an additional 11,913 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of ProFrac by 10.4% in the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company's stock worth $4,431,000 after acquiring an additional 54,908 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.
About ProFrac
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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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