ProFrac (NASDAQ:ACDC) Trading Down 6.5% - Here's What Happened

Key Points

• ProFrac Holding Corp. (NASDAQ: ACDC) saw its stock price decline by 6.5%, trading as low as $7.66 on Friday, with a significant drop in trading volume by 72% compared to the average session.
• Analysts have mixed ratings on ProFrac, with Stifel Nicolaus lowering their price target to $6.00, while Piper Sandler set a neutral rating at $8.00, reflecting a consensus rating of "Hold" and an average price target of $6.50.
• Insider trading activity included a major shareholder purchasing 207,163 shares at an average price of $6.25, increasing their position in the company and indicating confidence despite the stock's decline.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shares fell 6.5% during mid-day trading on Friday . The company traded as low as $7.71 and last traded at $7.66. 195,817 shares were traded during trading, a decline of 72% from the average session volume of 693,240 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ACDC. Wall Street Zen upgraded ProFrac from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Piper Sandler initiated coverage on ProFrac in a research note on Monday, July 14th. They issued a "neutral" rating and a $8.00 price target on the stock. Morgan Stanley decreased their price target on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Bank of America lowered ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price target on the stock. in a research note on Wednesday, June 25th. 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 research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $6.50.

ProFrac Trading Up 0.4%

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 company has a market cap of $1.31 billion, a price-to-earnings ratio of -5.48 and a beta of 1.69. The business has a 50 day simple moving average of $8.07 and a 200 day simple moving average of $7.15.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) EPS 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%. As a group, equities analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Buying and Selling at ProFrac

In other news, Chairman Matthew Wilks purchased 69,176 shares of the business's stock in a transaction dated Monday, May 12th. The shares were acquired 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 directly owned 378,153 shares of the company's stock, valued at $1,834,042.05. The trade was a 22.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc purchased 390,253 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were purchased at an average cost of $6.10 per share, for a total transaction of $2,380,543.30. Following the purchase, the insider directly owned 79,648,695 shares of the company's stock, valued at $485,857,039.50. This trade represents a 0.49% 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 worth $4,356,960 in the last ninety days. 2.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACDC. HighTower Advisors LLC bought a new position in ProFrac during the fourth quarter worth about $85,000. American Century Companies Inc. lifted its holdings in shares of ProFrac by 12.8% during the 4th quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after purchasing an additional 59,908 shares in the last quarter. Orion Portfolio Solutions LLC bought a new position in shares of ProFrac during the 4th quarter valued at about $130,000. O Shaughnessy Asset Management LLC bought a new position in shares of ProFrac during the 4th quarter valued at about $223,000. Finally, Geode Capital Management LLC lifted its holdings 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 valued at $4,591,000 after purchasing an additional 2,893 shares in the last quarter. Institutional investors own 12.75% of the company's stock.

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.