ProFrac (NASDAQ:ACDC) Stock Price Up 5.4% - Here's What Happened

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shares shot up 5.4% during trading on Tuesday . The stock traded as high as $10.19 and last traded at $10.34. 145,329 shares were traded during trading, a decline of 80% from the average session volume of 709,484 shares. The stock had previously closed at $9.81.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ACDC. Wall Street Zen raised shares of ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Morgan Stanley cut their price objective on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Finally, Stifel Nicolaus cut their price objective on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $6.90.

ProFrac Price Performance

The company's fifty day moving average is $6.53 and its two-hundred day moving average is $7.12. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -6.29 and a beta of 1.75. The company has a quick ratio of 0.69, a current ratio of 0.98 and a debt-to-equity ratio of 0.92.

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

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 390,253 shares of the stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $6.10 per share, for a total transaction of $2,380,543.30. Following the completion of the acquisition, the insider now directly owns 79,648,695 shares of the company's stock, valued at $485,857,039.50. The trade was a 0.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Matthew Wilks purchased 20,221 shares of the stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $4.32 per share, with a total value of $87,354.72. Following the completion of the acquisition, the chairman now directly owns 308,977 shares of the company's stock, valued at approximately $1,334,780.64. This represents a 7.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 733,996 shares of company stock valued at $4,356,960 over the last three months. 2.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. Savant Capital LLC acquired a new stake in shares of ProFrac during the fourth quarter worth $147,000. Private Advisor Group LLC acquired a new stake in shares of ProFrac during the fourth quarter worth $112,000. Bank of New York Mellon Corp raised its holdings in shares of 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 worth $13,858,000 after acquiring an additional 1,692,908 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of ProFrac by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 181,661 shares of the company's stock worth $1,410,000 after acquiring an additional 5,884 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of ProFrac during the fourth quarter worth $66,000. 12.75% of the stock is currently 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.