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

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped down before the market opened on Thursday . The stock had previously closed at $6.96, but opened at $6.55. ProFrac shares last traded at $6.54, with a volume of 34,207 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on ACDC shares. Bank of America reissued a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday. Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $7.00 to $6.50 in a report on Thursday. Piper Sandler decreased their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Finally, Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a research note on Friday, October 11th.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. The stock’s 50-day simple moving average is $6.63 and its two-hundred day simple moving average is $7.61. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -7.03 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last released its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The business had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. Analysts forecast that ProFrac Holding Corp. will post -0.13 earnings per share for the current year.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 6,136 shares of ProFrac stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average price of $6.99 per share, for a total transaction of $42,890.64. Following the completion of the purchase, the insider now owns 77,411,356 shares in the company, valued at approximately $541,105,378.44. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 1,933,600 shares of company stock worth $12,207,161 in the last ninety days. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

Institutional investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in shares of ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after acquiring an additional 132,108 shares during the period. Marshall Wace LLP lifted its holdings in ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in ProFrac in the second quarter valued at about $365,000. Squarepoint Ops LLC bought a new stake in ProFrac during the second quarter worth about $150,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after buying an additional 12,683 shares in the last quarter. Institutional investors and hedge funds 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.