ProFrac (NASDAQ:ACDC) Shares Down 5.9%

ProFrac Holding Corp. (NASDAQ:ACDCGet Free Report)’s share price fell 5.9% during mid-day trading on Thursday . The stock traded as low as $8.30 and last traded at $8.33. 327,946 shares changed hands during trading, a decline of 66% from the average session volume of 953,159 shares. The stock had previously closed at $8.85.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ACDC. Stifel Nicolaus reduced their price objective on shares of ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Bank of America increased their target price on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Monday, April 15th.

View Our Latest Analysis on ACDC

ProFrac Stock Down 7.0 %

The firm’s 50-day moving average price is $8.46 and its 200-day moving average price is $8.08. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.07 and a quick ratio of 0.71. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -9.13 and a beta of 0.93.

ProFrac (NASDAQ:ACDCGet Free Report) last announced its quarterly earnings results on Friday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $581.50 million during the quarter, compared to the consensus estimate of $587.60 million. ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. Sell-side analysts forecast that ProFrac Holding Corp. will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Farris Wilks acquired 330,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were purchased at an average price of $22.08 per share, for a total transaction of $7,286,400.00. Following the completion of the purchase, the insider now directly owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Holdings Lp Thrc bought 194,461 shares of ProFrac stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $9.28 per share, with a total value of $1,804,598.08. Following the purchase, the insider now directly owns 74,935,006 shares of the company’s stock, valued at approximately $695,396,855.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Farris Wilks purchased 330,000 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was purchased at an average price of $22.08 per share, for a total transaction of $7,286,400.00. Following the purchase, the insider now directly owns 58,541,444 shares of the company’s stock, valued at approximately $1,292,595,083.52. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 964,678 shares of company stock valued at $13,268,657. Insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. Tower Research Capital LLC TRC lifted its position in ProFrac by 42.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after purchasing an additional 2,034 shares during the period. Delta Investment Management LLC grew its holdings in ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after acquiring an additional 5,000 shares during the period. Jump Financial LLC acquired a new stake in ProFrac in the 4th quarter valued at about $179,000. Aristides Capital LLC bought a new position in shares of ProFrac during the 4th quarter valued at about $279,000. Finally, Quest Partners LLC bought a new stake in shares of ProFrac in the 4th quarter worth approximately $356,000. 12.75% of the stock is currently owned by institutional investors.

About ProFrac

(Get Free Report)

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.

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