ProFrac (NASDAQ:ACDC) Trading Up 6.5% - Here's What Happened

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) rose 6.5% during trading on Tuesday . The stock traded as high as $8.60 and last traded at $8.54. Approximately 469,192 shares were traded during trading, an increase of 17% from the average daily volume of 401,191 shares. The stock had previously closed at $8.02.

Wall Street Analyst Weigh In

ACDC has been the topic of several analyst reports. Stifel Nicolaus decreased their price target on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. cut shares of ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price target on the stock. in a research report on Friday, December 6th. Bank of America reiterated a "hold" rating and set a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th. Finally, Morgan Stanley lowered ProFrac from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $7.00 to $6.50 in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $7.20.

ProFrac Trading Up 6.4 %

The stock has a fifty day moving average of $7.66 and a 200 day moving average of $7.17. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The company has a market capitalization of $1.37 billion, a PE ratio of -6.05 and a beta of 1.20.

Institutional Trading of ProFrac

A number of large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock worth $45,000 after acquiring an additional 3,021 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in ProFrac by 6.3% in 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 during the last quarter. Charles Schwab Investment Management Inc. increased its stake in ProFrac by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company's stock worth $1,194,000 after acquiring an additional 6,063 shares during the last quarter. Fortitude Family Office LLC bought a new stake in ProFrac in the 4th quarter worth approximately $57,000. Finally, Bank of New York Mellon Corp increased its stake in ProFrac by 12.1% in 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 during the last quarter. 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.