ProFrac (NASDAQ:ACDC) Shares Gap Down - Here's Why

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $8.25, but opened at $7.98. ProFrac shares last traded at $7.57, with a volume of 332,305 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. lowered ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 target price on the stock. in a research note on Friday. Bank of America reiterated a "hold" rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus lowered ProFrac from a "buy" rating to a "hold" rating and set a $7.00 target price on the stock. in a research note on Friday, October 11th. Finally, Morgan Stanley lowered ProFrac from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Two 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. According to MarketBeat.com, ProFrac presently has an average rating of "Hold" and an average target price of $7.40.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -5.26 and a beta of 1.15. The firm has a fifty day simple moving average of $7.11 and a two-hundred day simple moving average of $7.33.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc bought 353,635 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the acquisition, the insider now directly owns 79,197,549 shares of the company's stock, valued at $488,648,877.33. This trade represents a 0.45 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.93% of the company's stock.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hotchkis & Wiley Capital Management LLC lifted its holdings 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 during the period. Empowered Funds LLC acquired a new position in ProFrac in the third quarter valued at approximately $3,764,000. American Century Companies Inc. lifted its holdings in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company's stock valued at $2,339,000 after acquiring an additional 132,108 shares during the period. Marshall Wace LLP lifted its holdings in ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company's stock valued at $1,797,000 after acquiring an additional 228,491 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company's stock valued at $1,194,000 after acquiring an additional 6,063 shares during the period. Institutional investors and hedge funds own 12.75% of the company's stock.

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.