ProFrac (NASDAQ:ACDC) Trading 9.3% Higher – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price was up 9.3% during trading on Wednesday . The company traded as high as $5.27 and last traded at $5.1150. Approximately 593,551 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 975,905 shares. The stock had previously closed at $4.68.

Analyst Ratings Changes

Several brokerages have issued reports on ACDC. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Zacks Research downgraded ProFrac from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Morgan Stanley reissued an “underweight” rating and set a $4.00 price target on shares of ProFrac in a research report on Wednesday. Finally, Piper Sandler decreased their price objective on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Two investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Sell” and a consensus price target of $5.38.

ProFrac Price Performance

The company has a market capitalization of $921.53 million, a PE ratio of -2.48 and a beta of 1.69. The stock has a 50 day moving average price of $3.95 and a two-hundred day moving average price of $4.66. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.63 and a current ratio of 0.91.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.17). The business had revenue of $403.10 million for the quarter, compared to the consensus estimate of $412.00 million. ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. Equities analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

Large investors have recently bought and sold shares of the business. First Financial Bankshares Inc increased its position 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 during the last quarter. UBS Group AG boosted 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 acquiring an additional 669,621 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of ProFrac during the 3rd quarter valued at about $2,377,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of ProFrac by 27.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock valued at $5,494,000 after acquiring an additional 322,860 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in ProFrac by 293.4% in the 3rd quarter. Millennium Management LLC now owns 317,446 shares of the company’s stock worth $1,175,000 after purchasing an additional 236,756 shares during the last quarter. 12.75% of the stock is currently owned by 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.