ProFrac (NASDAQ:ACDC) Shares Gap Up - Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $6.54, but opened at $7.25. ProFrac shares last traded at $6.55, with a volume of 76,316 shares.

Analyst Ratings Changes

ACDC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price target for the company. in a report on Friday, December 6th. Stifel Nicolaus lifted their price objective on shares of ProFrac from $6.00 to $7.00 and gave the stock a "hold" rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $7.40.

ProFrac Trading Up 4.7 %

The company has a market cap of $1.18 billion, a price-to-earnings ratio of -5.23 and a beta of 1.18. 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 business's fifty day moving average price is $7.75 and its 200 day moving average price is $7.25.

Insider Activity

In other news, major shareholder Farris Wilks acquired 338,756 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.93% of the company's stock.

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Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of ProFrac by 110.7% during the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock valued at $45,000 after purchasing an additional 3,021 shares during the period. Fortitude Family Office LLC bought a new position in shares of ProFrac in the 4th quarter worth about $57,000. AlphaQuest LLC purchased a new position in shares of ProFrac during the fourth quarter valued at approximately $66,000. Catalina Capital Group LLC purchased a new position in ProFrac during the fourth quarter valued at $79,000. Finally, Stratos Investment Management LLC bought a new position in ProFrac in the 4th quarter worth about $84,000. Hedge funds and other institutional investors 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.