ProFrac (NASDAQ:ACDC) Trading Down 3.4% - Here's What Happened

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price dropped 3.4% during mid-day trading on Friday . The company traded as low as $6.90 and last traded at $6.90. Approximately 256,859 shares were traded during trading, a decline of 69% from the average daily volume of 839,696 shares. The stock had previously closed at $7.14.

Analyst Ratings Changes

Several research analysts recently commented on ACDC shares. Stifel Nicolaus lowered shares of ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price target on the stock. in a report on Friday, October 11th. JPMorgan Chase & Co. lowered shares of ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Bank of America reiterated a "hold" rating and issued a $7.50 price target on shares of ProFrac in a report on Monday, October 14th. Finally, Morgan Stanley cut ProFrac from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock 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 given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $7.40.

ProFrac Stock Down 2.1 %

The firm has a market capitalization of $1.12 billion, a PE ratio of -4.96 and a beta of 1.15. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The firm's 50 day moving average price is $7.16 and its two-hundred day moving average price is $7.23.

Institutional Trading of ProFrac

Several large investors have recently modified their holdings of ACDC. American Century Companies Inc. lifted its stake in shares of ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company's stock worth $2,339,000 after acquiring an additional 132,108 shares in the last quarter. 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 worth $5,645,000 after purchasing an additional 443,530 shares during the last quarter. Marshall Wace LLP raised its position in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company's stock valued at $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Arete Wealth Advisors LLC boosted its stake in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company's stock valued at $874,000 after buying an additional 107,908 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of ProFrac during the third quarter worth approximately $3,764,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Company Profile

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.