ProFrac (NASDAQ:ACDC) Sees Strong Trading Volume – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) saw strong trading volume on Friday. 2,899,580 shares traded hands during mid-day trading, an increase of 97% from the average daily volume of 1,472,362 shares. The stock last traded at $2.9950 and had previously closed at $3.19.

Analyst Ratings Changes

Several brokerages have recently issued reports on ACDC. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Piper Sandler cut their price target on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Monday, November 9th. Morgan Stanley reduced their price target on shares of ProFrac from $4.50 to $4.00 and set an “underweight” rating for the company in a research report on Monday, November 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $4.50.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.59 and a current ratio of 0.90. The firm has a market cap of $573.68 million, a P/E ratio of -1.44 and a beta of 1.48. The business’s 50-day simple moving average is $4.41 and its 200 day simple moving average is $5.46.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.19). ProFrac had a negative net margin of 20.47% and a negative return on equity of 47.13%. The firm had revenue of $511.10 million for the quarter, compared to the consensus estimate of $555.66 million. As a group, equities analysts predict that ProFrac Holding Corp. will post -1.34 earnings per share for the current year.

Insider Activity

In other ProFrac news, major shareholder Dan H. Wilks purchased 30,820 shares of ProFrac stock in a transaction dated Tuesday, August 25th. The stock was purchased at an average price of $4.81 per share, with a total value of $148,244.20. Following the transaction, the insider directly owned 88,107,422 shares of the company’s stock, valued at $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holdings Lp Thrc acquired 30,820 shares of the stock in a transaction dated Tuesday, August 25th. The stock was acquired at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the purchase, the insider directly owned 83,816,235 shares in the company, valued at approximately $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 1,214,454 shares of company stock valued at $5,731,726 in the last ninety days. Insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its holdings in ProFrac by 156.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after acquiring an additional 238,210 shares in the last quarter. Walleye Capital LLC raised its position in shares of ProFrac by 328.6% during the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after purchasing an additional 266,742 shares during the period. Bank of America Corp DE raised its position in shares of ProFrac by 186.9% during the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after purchasing an additional 114,429 shares during the period. Renaissance Technologies LLC purchased a new position in shares of ProFrac during the 1st quarter valued at $872,000. Finally, Sei Investments Co. lifted its stake in shares of ProFrac by 91.6% during the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after buying an additional 47,800 shares in the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

About ProFrac

ProFrac Holding Corp. is an oilfield services company that supports onshore oil and natural gas producers, primarily in the United States. Its services focus on well completion, including hydraulic fracturing, which uses high-pressure fluid to help release hydrocarbons from underground formations. The company also provides wireline services used to prepare and monitor wells, and produces proppant and other materials used in completion operations. ProFrac’s business includes equipment and manufacturing capabilities that support its oilfield services operations.