ProFrac (NASDAQ:ACDC) Trading 8.5% Higher

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) rose 8.5% on Thursday . The company traded as high as $7.92 and last traded at $7.91. Approximately 256,993 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 900,272 shares. The stock had previously closed at $7.29.

Wall Street Analyst Weigh In

ACDC has been the topic of several recent research reports. Piper Sandler decreased their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Bank of America cut their price objective on ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research report on Monday, July 15th.

ProFrac Stock Performance

The company has a quick ratio of 0.71, a current ratio of 1.07 and a debt-to-equity ratio of 0.72. The stock’s fifty day simple moving average is $8.19 and its 200-day simple moving average is $7.96.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, May 10th. The company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. The company had revenue of $581.50 million during the quarter, compared to the consensus estimate of $587.60 million. Analysts forecast that ProFrac Holding Corp. will post 0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Holdings Lp Thrc acquired 440,217 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $9.49 per share, with a total value of $4,177,659.33. Following the purchase, the insider now directly owns 75,640,762 shares in the company, valued at approximately $717,830,831.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.93% of the stock is currently owned by company insiders.

Institutional Trading of ProFrac

Several institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its stake in ProFrac by 42.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after buying an additional 2,034 shares during the period. Delta Investment Management LLC increased its holdings in ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC acquired a new position in shares of ProFrac during the fourth quarter worth about $179,000. Aristides Capital LLC purchased a new stake in shares of ProFrac in the fourth quarter worth about $279,000. Finally, Quest Partners LLC acquired a new stake in shares of ProFrac in the fourth quarter valued at about $356,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.