ProFrac (NASDAQ:ACDC) Stock Price Down 5.7% - Here's Why

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) was down 5.7% on Monday . The company traded as low as $4.62 and last traded at $4.61. Approximately 19,247 shares were traded during trading, a decline of 97% from the average daily volume of 713,205 shares. The stock had previously closed at $4.89.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus dropped their price objective on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Two research 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. According to data from MarketBeat, ProFrac presently has an average rating of "Hold" and a consensus target price of $7.20.

ProFrac Price Performance

The company's 50-day simple moving average is $6.13 and its 200-day simple moving average is $7.04. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a market capitalization of $746.43 million, a price-to-earnings ratio of -3.30 and a beta of 1.05.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Farris Wilks purchased 338,756 shares of the company's stock in a transaction dated Wednesday, February 26th. The stock was bought at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the transaction, the insider now owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock valued at $45,000 after purchasing an additional 3,021 shares in the last quarter. Fortitude Family Office LLC bought a new position in ProFrac in the fourth quarter valued at about $57,000. AlphaQuest LLC acquired a new position in ProFrac during the fourth quarter worth about $66,000. Exchange Traded Concepts LLC lifted its holdings in shares of ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock worth $77,000 after acquiring an additional 9,416 shares during the last quarter. Finally, Catalina Capital Group LLC acquired a new stake in shares of ProFrac in the 4th quarter valued at approximately $79,000. Institutional investors own 12.75% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.