ProFrac (NASDAQ:ACDC) Shares Up 4.6% – Time to Buy?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were up 4.6% during mid-day trading on Monday . The stock traded as high as $7.67 and last traded at $7.67. Approximately 208,768 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 406,794 shares. The stock had previously closed at $7.33.

Analysts Set New Price Targets

Several research firms have weighed in on ACDC. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research report on Friday, December 6th. Stifel Nicolaus reduced their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.20.

ProFrac Stock Performance

The stock has a 50 day simple moving average of $7.83 and a two-hundred day simple moving average of $7.21. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -5.35 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Empowered Funds LLC acquired a new position in ProFrac in the third quarter valued at $3,764,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ProFrac by 52.0% in the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock valued at $3,313,000 after purchasing an additional 146,028 shares during the last quarter. Finally, Arete Wealth Advisors LLC boosted its position in shares of ProFrac by 478.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after purchasing an additional 107,908 shares during the period. 12.75% of the stock is owned by institutional investors and hedge funds.

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.