ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price was up 6.9% during mid-day trading on Friday . The stock traded as high as $5.96 and last traded at $5.91. Approximately 209,968 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 887,565 shares. The stock had previously closed at $5.53.
Analyst Ratings Changes
Several research analysts have recently commented on ACDC shares. Piper Sandler reduced their price target on ProFrac from $11.00 to $9.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. Stifel Nicolaus downgraded shares of ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price target for the company. in a report on Friday, October 11th. Morgan Stanley cut ProFrac from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Finally, Bank of America reissued a "hold" rating and set a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th.
Read Our Latest Stock Report on ProFrac
ProFrac Price Performance
The company's fifty day moving average is $6.60 and its two-hundred day moving average is $7.50. The stock has a market cap of $945.22 million, a price-to-earnings ratio of -4.37 and a beta of 0.81. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85.
ProFrac (NASDAQ:ACDC - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The firm had revenue of $579.40 million during the quarter, compared to analysts' expectations of $624.64 million. As a group, research analysts predict that ProFrac Holding Corp. will post -0.41 earnings per share for the current year.
Insider Activity
In other ProFrac news, major shareholder Holdings Lp Thrc purchased 130,000 shares of the company's stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $6.49 per share, for a total transaction of $843,700.00. Following the completion of the purchase, the insider now directly owns 76,800,545 shares in the company, valued at approximately $498,435,537.05. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders acquired 1,933,600 shares of company stock valued at $12,207,161. 2.93% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On ProFrac
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Delta Investment Management LLC lifted its position in shares of ProFrac by 47.8% during the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company's stock worth $129,000 after purchasing an additional 5,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company's stock worth $660,000 after acquiring an additional 5,312 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of ProFrac in the 2nd quarter valued at about $44,000. Bank of New York Mellon Corp raised its position in shares of ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company's stock worth $872,000 after acquiring an additional 12,683 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in ProFrac during the second quarter worth approximately $150,000. Hedge funds and other institutional investors own 12.75% of the company's stock.
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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