ProFrac (NASDAQ:ACDC) Trading Up 4.5% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) was up 4.5% during mid-day trading on Tuesday . The company traded as high as $8.16 and last traded at $8.12. Approximately 195,576 shares traded hands during trading, a decline of 58% from the average daily volume of 468,702 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ACDC. JPMorgan Chase & Co. cut shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a research report on Friday, December 6th. Stifel Nicolaus boosted their target price on ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.40.

ProFrac Trading Up 1.7 %

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -5.82 and a beta of 1.18. The business’s fifty day moving average is $7.62 and its 200 day moving average is $7.33. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Farris Wilks acquired 338,756 shares of the stock in a transaction dated Wednesday, February 26th. The shares were bought at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. This trade represents a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ACDC. GAMMA Investing LLC lifted its position 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 buying an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of ProFrac during the 4th quarter worth approximately $57,000. AlphaQuest LLC bought a new position in shares of ProFrac in the fourth quarter valued at $66,000. Catalina Capital Group LLC bought a new stake in ProFrac during the fourth quarter worth $79,000. Finally, Stratos Investment Management LLC acquired a new position in shares of ProFrac during the 4th quarter worth about $84,000. 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.