ProFrac (NASDAQ:ACDC) Trading Up 7.8% – Time to Buy?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) were up 7.8% during mid-day trading on Tuesday . The stock traded as high as $8.49 and last traded at $8.48. Approximately 471,050 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 867,419 shares. The stock had previously closed at $7.87.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ACDC shares. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research report on Friday, October 11th. Finally, Bank of America reissued a “hold” rating and issued a $7.50 target price on shares of ProFrac in a report on Monday, October 14th.

ProFrac Price Performance

The company has a 50 day moving average price of $6.77 and a 200-day moving average price of $7.33. 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 company has a market cap of $1.46 billion, a price-to-earnings ratio of -6.48 and a beta of 0.84.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 6,136 shares of ProFrac stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $6.99 per share, for a total transaction of $42,890.64. Following the completion of the acquisition, the insider now owns 77,411,356 shares of the company’s stock, valued at $541,105,378.44. This trade represents a 0.01 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought a total of 1,313,434 shares of company stock worth $8,365,633 over the last quarter. Company insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in ProFrac in the 2nd quarter valued at $44,000. Townsquare Capital LLC bought a new position in shares of ProFrac in the third quarter valued at approximately $87,000. Quantinno Capital Management LP bought a new stake in ProFrac during the third quarter worth $100,000. Squarepoint Ops LLC bought a new stake in shares of ProFrac in the 2nd quarter worth $150,000. Finally, Barclays PLC lifted 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. 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.