ProFrac (NASDAQ:ACDC) Trading 7.9% Higher - Still a Buy?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) rose 7.9% during trading on Thursday . The stock traded as high as $8.32 and last traded at $8.42. Approximately 186,065 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 702,279 shares. The stock had previously closed at $7.80.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Stifel Nicolaus dropped their price objective 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. Morgan Stanley dropped their price target on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Finally, Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, ProFrac currently has an average rating of "Hold" and a consensus price target of $6.90.

ProFrac Stock Up 2.8%

The firm has a 50 day simple moving average of $5.70 and a two-hundred day simple moving average of $7.04. The stock has a market capitalization of $1.42 billion, a P/E ratio of -6.29 and a beta of 1.75. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

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, 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, equities research analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Activity

In related news, Chairman Matthew Wilks bought 69,176 shares of the business's stock in a transaction on Monday, May 12th. The shares were purchased at an average price of $4.85 per share, for a total transaction of $335,503.60. Following the completion of the transaction, the chairman now directly owns 378,153 shares of the company's stock, valued at approximately $1,834,042.05. This represents a 22.39% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Holdings Lp Thrc purchased 390,253 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $6.10 per share, with a total value of $2,380,543.30. Following the completion of the purchase, the insider now directly owns 79,648,695 shares in the company, valued at $485,857,039.50. The trade was a 0.49% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 733,996 shares of company stock worth $4,356,960. Corporate insiders own 2.84% of the company's stock.

Institutional Trading of ProFrac

A number of hedge funds have recently made changes to their positions in ACDC. Bank of New York Mellon Corp raised its holdings in ProFrac by 1,822.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock valued at $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ProFrac by 52.0% during the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after purchasing an additional 146,028 shares during the period. Bridgeway Capital Management LLC increased its holdings in ProFrac by 10.6% in the first quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company's stock valued at $8,859,000 after purchasing an additional 111,913 shares during the period. Mariner LLC raised its position in ProFrac by 184.2% during the 4th quarter. Mariner LLC now owns 146,429 shares of the company's stock worth $1,136,000 after purchasing an additional 94,902 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in ProFrac during the 1st quarter worth $548,000. 12.75% of the stock is 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.