ProFrac (NASDAQ:ACDC) Trading 7.1% Higher - Here's What Happened

Key Points

• ProFrac shares rose 7.1% to about $3.98 in Friday trading, although volume was roughly 60% below the average daily level.
• Analysts remain cautious, with a consensus rating of “Reduce” and an average price target of $5.50; recent actions included sell-rating downgrades and price targets ranging from $5.00 to $6.00.
• ProFrac reported a quarterly loss of $0.47 per share, missing estimates by $0.10, despite revenue of $449.6 million exceeding expectations; the company posted a negative net margin of 24.25%.

Shares of ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) were up 7.1% during mid-day trading on Friday . The stock traded as high as $3.97 and last traded at $3.9750. Approximately 556,663 shares were traded during trading, a decline of 60% from the average daily volume of 1,382,889 shares. The stock had previously closed at $3.71.

Analysts Set New Price Targets

Several research firms have issued reports on ACDC. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProFrac in a report on Wednesday, June 24th. Morgan Stanley set a $5.00 price target on shares of ProFrac in a research note on Wednesday, July 15th. Wall Street Zen lowered ProFrac from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Piper Sandler upped their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a report on Monday, May 18th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, ProFrac has a consensus rating of "Reduce" and an average target price of $5.50.

ProFrac Stock Performance

The stock's fifty day moving average price is $5.79 and its two-hundred day moving average price is $5.90. The company has a market cap of $728.20 million, a P/E ratio of -1.57 and a beta of 1.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82.

ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) EPS for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.10). The business had revenue of $449.60 million for the quarter, compared to analyst estimates of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. As a group, equities analysts predict that ProFrac Holding Corp. will post -1.16 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

Hedge funds have recently modified their holdings of the company. Creative Planning bought a new position in ProFrac in the second quarter valued at about $102,000. JPMorgan Chase & Co. raised its holdings in ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company's stock valued at $785,000 after buying an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock worth $27,000 after buying an additional 3,476 shares during the period. First Trust Advisors LP acquired a new position in ProFrac in the 2nd quarter valued at approximately $553,000. Finally, Sei Investments Co. raised its position in ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company's stock worth $321,000 after purchasing an additional 6,200 shares during the last quarter. Institutional investors and hedge funds 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

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