ProFrac (NASDAQ:ACDC) Shares Down 7.4% - Here's Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) dropped 7.4% during trading on Wednesday . The stock traded as low as $7.59 and last traded at $7.59. Approximately 647,249 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 704,289 shares. The stock had previously closed at $8.20.

Analyst Ratings Changes

ACDC has been the topic of several recent analyst reports. Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. 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. 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $6.90.

ProFrac Trading Up 1.6%

The company has a 50-day simple moving average of $5.68 and a 200-day simple moving average of $7.03. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The stock has a market cap of $1.40 billion, a P/E ratio of -6.20 and a beta of 1.75.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating 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, sell-side analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling at ProFrac

In other news, Chairman Matthew Wilks bought 69,176 shares of the company's stock in a transaction dated Monday, May 12th. The stock was bought 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 in the company, valued at $1,834,042.05. The trade was a 22.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc bought 23,599 shares of the company's stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $4.85 per share, with a total value of $114,455.15. Following the transaction, the insider now owns 79,234,130 shares of the company's stock, valued at $384,285,530.50. The trade was a 0.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 733,996 shares of company stock worth $4,356,960. 2.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently made changes to their positions in ACDC. AlphaQuest LLC bought a new stake in shares of ProFrac during the fourth quarter worth $66,000. Exchange Traded Concepts LLC raised its position in shares of ProFrac by 1,258.8% during 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. Stratos Investment Management LLC bought a new stake in shares of ProFrac during the fourth quarter worth $84,000. HighTower Advisors LLC bought a new stake in shares of ProFrac during the fourth quarter worth $85,000. Finally, Walleye Capital LLC acquired a new stake in shares of ProFrac during the first quarter worth $97,000. 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.