ProFrac (NASDAQ:ACDC) Stock Price Down 5% – Here’s Why

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) traded down 5% on Wednesday . The stock traded as low as $6.25 and last traded at $6.17. 61,308 shares were traded during trading, a decline of 86% from the average session volume of 437,716 shares. The stock had previously closed at $6.50.

Analyst Ratings Changes

ACDC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. Stifel Nicolaus lowered their price objective on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.20.

ProFrac Trading Down 3.2 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The business’s 50-day simple moving average is $7.79 and its two-hundred day simple moving average is $7.25. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -4.45 and a beta of 1.19.

Insider Buying and Selling

In other news, major shareholder Farris Wilks acquired 338,756 shares of the stock in a transaction on Wednesday, February 26th. The stock was bought at an average price of $6.93 per share, with a total value of $2,347,579.08. Following the completion of the transaction, the insider now directly owns 1,316,534 shares of the company’s stock, valued at $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of ProFrac by 110.7% in the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after acquiring an additional 3,021 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in ProFrac during the 4th quarter worth approximately $57,000. AlphaQuest LLC acquired a new position in shares of ProFrac in the 4th quarter valued at approximately $66,000. Catalina Capital Group LLC purchased a new position in shares of ProFrac during the 4th quarter valued at approximately $79,000. Finally, Stratos Investment Management LLC acquired a new stake in shares of ProFrac during the fourth quarter worth approximately $84,000. 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.