ProFrac (NASDAQ:ACDC) Stock Price Down 5% - Here's Why

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s share price fell 5% during trading on Wednesday . The company traded as low as $6.25 and last traded at $6.17. 61,308 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 437,716 shares. The stock had previously closed at $6.50.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ACDC. Stifel Nicolaus decreased their target price on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. cut 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. 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 stock. According to data from MarketBeat.com, ProFrac presently has a consensus rating of "Hold" and a consensus target price of $7.20.

ProFrac Trading Up 7.1 %

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 stock has a fifty day simple moving average of $7.75 and a 200 day simple moving average of $7.25. The firm has a market capitalization of $1.13 billion, a P/E ratio of -5.00 and a beta of 1.18.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Farris Wilks purchased 338,756 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the completion of the acquisition, the insider now directly owns 1,316,534 shares in the company, valued at $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.93% of the company's stock.

Remove Ads

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Barclays PLC grew its position in shares of ProFrac by 213.6% during the third quarter. Barclays PLC now owns 29,215 shares of the company's stock valued at $199,000 after purchasing an additional 19,898 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of ProFrac during the fourth quarter valued at about $115,000. Hotchkis & Wiley Capital Management LLC grew its position 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 valued at $5,645,000 after purchasing an additional 443,530 shares in the last quarter. Bleakley Financial Group LLC purchased a new position in ProFrac in the fourth quarter worth about $455,000. Finally, Savant Capital LLC purchased a new position in ProFrac in the fourth quarter worth about $147,000. Hedge funds and other institutional investors own 12.75% of the company's stock.

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.