ProFrac (NASDAQ:ACDC) Shares Gap Up – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) gapped up prior to trading on Wednesday . The stock had previously closed at $8.44, but opened at $8.81. ProFrac shares last traded at $9.11, with a volume of 120,643 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ACDC shares. Bank of America reaffirmed a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research 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.

ProFrac Stock Up 9.8 %

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 has a 50 day moving average of $6.77 and a 200 day moving average of $7.33. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -6.33 and a beta of 0.84.

Insider Activity

In related news, major shareholder Holdings Lp Thrc acquired 786,193 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $6.49 per share, with a total value of $5,102,392.57. Following the transaction, the insider now directly owns 78,197,549 shares of the company’s stock, valued at $507,502,093.01. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders purchased 1,313,434 shares of company stock worth $8,365,633 in the last quarter. 2.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in ProFrac in the second quarter valued at approximately $44,000. Townsquare Capital LLC bought a new position in shares of ProFrac in the 3rd quarter worth $87,000. Quantinno Capital Management LP acquired a new stake in ProFrac in the 3rd quarter valued at $100,000. Squarepoint Ops LLC bought a new stake in ProFrac during the 2nd quarter valued at $150,000. Finally, Barclays PLC raised its holdings in ProFrac by 213.6% during 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 last quarter. 12.75% of the stock is 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.