ProFrac (NASDAQ:ACDC) Trading 6.7% Higher – Still a Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price shot up 6.7% during trading on Wednesday . The stock traded as high as $7.11 and last traded at $7.3180. 75,045 shares were traded during trading, a decline of 94% from the average session volume of 1,348,298 shares. The stock had previously closed at $6.86.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ACDC. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Friday, March 27th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Piper Sandler lifted their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley lifted their price objective on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 15th. Finally, UBS Group restated a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $6.17.

ProFrac Price Performance

The company has a fifty day simple moving average of $6.80 and a two-hundred day simple moving average of $5.52. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.82. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -2.89 and a beta of 1.41.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.10). The business had revenue of $449.60 million during the quarter, compared to analyst estimates of $426.39 million. ProFrac had a negative net margin of 24.25% and a negative return on equity of 44.39%. As a group, research analysts anticipate that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC increased its holdings in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of ProFrac during the 2nd quarter worth $29,000. BNP Paribas Financial Markets increased its holdings in shares of ProFrac by 389.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after buying an additional 4,871 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of ProFrac by 822.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after buying an additional 10,016 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of ProFrac during the 4th quarter worth $46,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.