ProFrac (NASDAQ:ACDC) Stock Price Up 5.5% - What's Next?

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price traded up 5.5% during trading on Tuesday . The stock traded as high as $7.88 and last traded at $8.01. 174,723 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 464,728 shares. The stock had previously closed at $7.59.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of ProFrac from $6.00 to $7.00 and gave the stock a "hold" rating in a report on Monday, March 10th. 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, December 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, ProFrac currently has an average rating of "Hold" and a consensus target price of $7.40.

ProFrac Price Performance

The business's fifty day moving average price is $7.49 and its 200-day moving average price is $7.39. The company has a market capitalization of $869.93 million, a P/E ratio of -3.85 and a beta of 1.18. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

In related news, major shareholder Farris Wilks acquired 338,756 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 2.93% of the stock is currently owned by corporate insiders.

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Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. Bank of New York Mellon Corp increased its position in shares of ProFrac by 1,822.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock valued at $13,858,000 after acquiring an additional 1,692,908 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company's stock valued at $5,645,000 after purchasing an additional 443,530 shares during the period. Wells Fargo & Company MN raised its position in ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock valued at $3,313,000 after purchasing an additional 146,028 shares during the last quarter. Arete Wealth Advisors LLC lifted its holdings in ProFrac by 478.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company's stock worth $874,000 after buying an additional 107,908 shares during the period. Finally, Mariner LLC increased its stake in shares of ProFrac by 184.2% during the fourth quarter. Mariner LLC now owns 146,429 shares of the company's stock valued at $1,136,000 after buying an additional 94,902 shares during the period. 12.75% of the stock is currently owned by institutional investors.

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.