ProFrac (NASDAQ:ACDC) Shares Up 4% - Here's What Happened

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price shot up 4% during trading on Monday . The stock traded as high as $7.65 and last traded at $7.62. 157,521 shares were traded during mid-day trading, a decline of 81% from the average session volume of 828,041 shares. The stock had previously closed at $7.33.

Analyst Ratings Changes

Several research firms have recently weighed in on ACDC. Bank of America reaffirmed a "hold" rating and issued a $7.50 price target on shares of ProFrac in a report on Monday, October 14th. JPMorgan Chase & Co. cut ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price target on the stock. in a report on Friday, December 6th. Stifel Nicolaus lowered ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price objective for the company. in a report on Friday, October 11th. Finally, Morgan Stanley cut shares of ProFrac from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $7.40.

ProFrac Price Performance

The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $1.26 billion, a PE ratio of -5.57 and a beta of 1.15. The business has a fifty day moving average price of $7.22 and a 200-day moving average price of $7.14.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACDC. nVerses Capital LLC purchased a new stake in shares of ProFrac in the 2nd quarter valued at $44,000. Townsquare Capital LLC bought a new stake in ProFrac in the third quarter worth $87,000. Quantinno Capital Management LP purchased a new stake in ProFrac during the third quarter valued at about $100,000. Squarepoint Ops LLC bought a new position in shares of ProFrac during the second quarter valued at about $150,000. Finally, Barclays PLC increased its holdings in shares of ProFrac by 213.6% in the third quarter. Barclays PLC now owns 29,215 shares of the company's stock worth $199,000 after buying an additional 19,898 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.