ProFrac (NASDAQ:ACDC) Shares Down 6.5% – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) shares dropped 6.5% during mid-day trading on Wednesday . The stock traded as low as $6.26 and last traded at $6.2750. Approximately 491,008 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,331,449 shares. The stock had previously closed at $6.71.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of analyst reports. Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Morgan Stanley increased their target price on shares of ProFrac from $4.00 to $5.00 and gave the company an “underweight” rating in a research report on Tuesday. Finally, UBS Group restated a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $5.63.

ProFrac Stock Performance

The company has a quick ratio of 0.56, a current ratio of 0.81 and a debt-to-equity ratio of 1.08. The stock has a fifty day moving average price of $5.51 and a 200-day moving average price of $4.54. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -3.04 and a beta of 1.70.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Friday, March 13th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). The firm had revenue of $436.50 million during the quarter, compared to analysts’ expectations of $402.95 million. ProFrac had a negative net margin of 18.97% and a negative return on equity of 33.18%. On average, analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACDC. First Financial Bankshares Inc boosted its holdings in ProFrac by 30.1% during the third quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock worth $15,558,000 after buying an additional 973,062 shares in the last quarter. UBS Group AG raised its stake in shares of ProFrac by 1,862.8% during the 3rd quarter. UBS Group AG now owns 705,568 shares of the company’s stock worth $2,611,000 after buying an additional 669,621 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of ProFrac in the third quarter valued at about $2,377,000. AQR Capital Management LLC increased its stake in shares of ProFrac by 61.7% during the 4th quarter. AQR Capital Management LLC now owns 1,638,822 shares of the company’s stock worth $6,375,000 after purchasing an additional 625,596 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of ProFrac by 27.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock worth $5,494,000 after purchasing an additional 322,860 shares during the last quarter. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.