ProFrac (NASDAQ:ACDC) Stock Price Down 4% – Time to Sell?

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) dropped 4% during mid-day trading on Wednesday . The stock traded as low as $5.21 and last traded at $5.1250. Approximately 98,642 shares were traded during trading, a decline of 93% from the average session volume of 1,367,426 shares. The stock had previously closed at $5.34.

Analysts Set New Price Targets

ACDC has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler raised their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Finally, Morgan Stanley set a $5.00 price objective on ProFrac in a report on Wednesday. One investment 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. Based on data from MarketBeat, ProFrac presently has a consensus rating of “Reduce” and an average price target of $5.50.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 0.82 and a quick ratio of 0.58. The company has a market capitalization of $858.47 million, a price-to-earnings ratio of -1.86 and a beta of 1.42. The stock has a 50-day moving average price of $6.46 and a 200-day moving average price of $5.86.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data 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 company had revenue of $449.60 million during the quarter, compared to the consensus estimate 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, analysts forecast that ProFrac Holding Corp. will post -1.15 earnings per share for the current year.

Institutional Trading of ProFrac

Several hedge funds have recently added to or reduced their stakes in ACDC. Creative Planning bought a new position in ProFrac during the 2nd quarter worth $102,000. JPMorgan Chase & Co. boosted its holdings in ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after purchasing an additional 90,176 shares during the period. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 3,476 shares in the last quarter. First Trust Advisors LP bought a new position in shares of ProFrac during the second quarter worth approximately $553,000. Finally, Sei Investments Co. boosted its stake in shares of ProFrac by 17.7% in the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after buying an additional 6,200 shares during the period. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.