ProFrac (NASDAQ:ACDC) Shares Up 5.5% – What’s Next?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were up 5.5% during mid-day trading on Tuesday . The company traded as high as $7.88 and last traded at $8.01. Approximately 174,723 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 464,728 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

A number of equities analysts recently commented on ACDC shares. Stifel Nicolaus lifted their price objective on ProFrac from $6.00 to $7.00 and gave the stock a “hold” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ProFrac currently has an average rating of “Hold” and a consensus price target of $7.40.

ProFrac Stock Up 5.8 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -5.70 and a beta of 1.18. The business has a fifty day moving average of $7.55 and a 200 day moving average of $7.37.

Insider Buying and Selling

In related news, major shareholder Farris Wilks purchased 338,756 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the transaction, the insider now directly owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after purchasing an additional 6,063 shares during the period. Townsquare Capital LLC purchased a new stake in shares of ProFrac in the 3rd quarter valued at $87,000. Verition Fund Management LLC lifted its stake in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock worth $566,000 after acquiring an additional 40,390 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after acquiring an additional 443,530 shares during the period. Finally, Quantinno Capital Management LP acquired a new position in ProFrac in the 3rd quarter valued at about $100,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.