ProFrac (NASDAQ:ACDC) Sets New 1-Year Low – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $5.52 and last traded at $5.54, with a volume of 38939 shares. The stock had previously closed at $5.67.

Analyst Ratings Changes

ACDC has been the topic of several analyst reports. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $7.00 to $6.50 in a report on Thursday, October 17th. Piper Sandler decreased their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a report on Friday, October 11th. Finally, Bank of America restated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th.

ProFrac Stock Down 1.2 %

The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $895.64 million, a PE ratio of -6.10 and a beta of 0.81. The firm has a 50-day moving average of $6.63 and a two-hundred day moving average of $7.53.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The firm had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. On average, equities research analysts forecast that ProFrac Holding Corp. will post -0.41 EPS for the current year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 130,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the transaction, the insider now directly owns 76,800,545 shares of the company’s stock, valued at $498,435,537.05. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased 1,933,600 shares of company stock valued at $12,207,161 over the last three months. 2.93% of the stock is owned by company insiders.

Institutional Trading of ProFrac

A number of hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in ProFrac during the 2nd quarter worth $365,000. Squarepoint Ops LLC acquired a new position in ProFrac during the 2nd quarter worth $150,000. Marshall Wace LLP grew its holdings in ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after acquiring an additional 5,312 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after acquiring an additional 132,108 shares in 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.