ProFrac (NASDAQ:ACDC) Trading Up 6.5% – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price shot up 6.5% during trading on Tuesday . The company traded as high as $8.60 and last traded at $8.54. 469,192 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 401,191 shares. The stock had previously closed at $8.02.

Analyst Ratings Changes

Several brokerages have weighed in on ACDC. Bank of America reissued a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Stifel Nicolaus cut their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a research note on Friday, December 6th. Finally, Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, ProFrac has a consensus rating of “Hold” and a consensus target price of $7.20.

ProFrac Price Performance

The business has a fifty day moving average of $7.72 and a 200-day moving average of $7.19. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.48 billion, a PE ratio of -6.54 and a beta of 1.20.

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in ProFrac by 110.7% during the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after acquiring an additional 3,021 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of ProFrac by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after purchasing an additional 5,312 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after buying an additional 6,063 shares in the last quarter. Fortitude Family Office LLC bought a new stake in ProFrac during the fourth quarter valued at $57,000. Finally, Hennessy Advisors Inc. grew its position in ProFrac by 50.0% during the fourth quarter. Hennessy Advisors Inc. now owns 30,000 shares of the company’s stock worth $233,000 after buying an additional 10,000 shares in the last quarter. 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.