ProFrac (NASDAQ:ACDC) Trading Up 4.5% – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ACDC. Stifel Nicolaus boosted their target price on shares of ProFrac from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Monday, March 10th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a research report on Friday, December 6th. Two equities 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. According to MarketBeat, ProFrac currently has an average rating of “Hold” and a consensus price target of $7.40.

ProFrac Stock 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 $1.28 billion, a PE ratio of -5.67 and a beta of 1.18. The business’s 50 day moving average is $7.65 and its 200 day moving average is $7.32.

Insider Activity

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

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in shares of ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock valued at $13,858,000 after acquiring an additional 1,692,908 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in 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 purchasing an additional 443,530 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ProFrac by 52.0% in the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock worth $3,313,000 after buying an additional 146,028 shares during the period. Arete Wealth Advisors LLC grew its position 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 worth $874,000 after buying an additional 107,908 shares in the last quarter. Finally, Mariner LLC increased its stake in shares of ProFrac by 184.2% during the fourth quarter. Mariner LLC now owns 146,429 shares of the company’s stock valued at $1,136,000 after buying an additional 94,902 shares during the period. 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.