ProFrac (NASDAQ:ACDC) Trading Up 4.5% - Still a Buy?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) shot up 4.5% during mid-day trading on Tuesday . The company traded as high as $8.16 and last traded at $8.12. 195,576 shares changed hands during trading, a decline of 58% from the average session volume of 468,702 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Stifel Nicolaus raised their price target on ProFrac from $6.00 to $7.00 and gave the company a "hold" rating in a report on Monday, March 10th. 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. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $7.40.

ProFrac Stock Down 6.0 %

The business's 50 day simple moving average is $7.58 and its 200 day simple moving average is $7.35. The company has a market capitalization of $1.23 billion, a PE ratio of -5.47 and a beta of 1.18. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

In other ProFrac news, major shareholder Farris Wilks purchased 338,756 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the completion of the transaction, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.93% of the company's stock.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of ProFrac by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company's stock worth $1,194,000 after purchasing an additional 6,063 shares during the period. Townsquare Capital LLC purchased a new stake in ProFrac in the 3rd quarter worth approximately $87,000. Verition Fund Management LLC boosted its stake in shares of ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company's stock valued at $566,000 after buying an additional 40,390 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of 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 acquiring an additional 443,530 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of ProFrac in the third quarter worth $100,000. Hedge funds and other 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.