ProFrac (NASDAQ:ACDC) Trading Down 8.5% – Time to Sell?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was down 8.5% on Friday . The stock traded as low as $6.30 and last traded at $6.37. Approximately 592,294 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,216,293 shares. The stock had previously closed at $6.96.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ACDC shares. Zacks Research raised shares of ProFrac from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. UBS Group reissued a “positive” rating on shares of ProFrac in a research report on Thursday. Finally, Morgan Stanley restated an “underweight” rating and issued a $4.00 target price on shares of ProFrac in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $5.38.

ProFrac Trading Down 11.7%

The business has a fifty day moving average of $5.05 and a 200-day moving average of $4.36. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.63 and a current ratio of 0.91. The company has a market capitalization of $1.11 billion, a P/E ratio of -2.99 and a beta of 1.70.

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently added to or reduced their stakes in the stock. Alpine Global Management LLC purchased a new position in ProFrac during the 4th quarter worth $88,000. Invesco Ltd. lifted its position in shares of ProFrac by 28.4% during the fourth quarter. Invesco Ltd. now owns 240,655 shares of the company’s stock valued at $936,000 after purchasing an additional 53,210 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of ProFrac by 89.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 27,898 shares of the company’s stock valued at $109,000 after purchasing an additional 13,187 shares in the last quarter. Empowered Funds LLC boosted its holdings in ProFrac by 9.6% during the fourth quarter. Empowered Funds LLC now owns 776,893 shares of the company’s stock worth $3,022,000 after purchasing an additional 67,939 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in ProFrac by 49.0% in the 4th quarter. Wellington Management Group LLP now owns 23,198 shares of the company’s stock worth $90,000 after purchasing an additional 7,624 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.