ProFrac (NASDAQ:ACDC) Stock Price Down 7.2% – Here’s What Happened

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) traded down 7.2% during trading on Wednesday . The company traded as low as $4.77 and last traded at $4.7250. 463,634 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,444,701 shares. The stock had previously closed at $5.09.

Wall Street Analyst Weigh In

Several research firms have commented on ACDC. Piper Sandler raised their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley set a $5.00 target price on ProFrac in a research report on Wednesday, July 15th. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, ProFrac presently has a consensus rating of “Reduce” and an average target price of $5.50.

ProFrac Trading Down 7.4%

The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The company has a market cap of $858.53 million, a price-to-earnings ratio of -2.02 and a beta of 1.46. The firm has a 50-day moving average price of $5.21 and a 200 day moving average price of $5.91.

Insider Buying and Selling at ProFrac

In other news, CEO Matthew Wilks purchased 22,481 shares of the stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the completion of the transaction, the chief executive officer owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. The trade was a 4.69% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Dan H. Wilks bought 202,331 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average price of $5.44 per share, for a total transaction of $1,100,680.64. Following the completion of the transaction, the insider owned 87,500,195 shares in the company, valued at $476,001,060.80. This trade represents a 0.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 800,000 shares of company stock valued at $4,018,391. 2.23% of the stock is owned by insiders.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the stock. Walleye Capital LLC boosted its stake in 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of ProFrac by 156.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock valued at $2,421,000 after purchasing an additional 238,210 shares during the period. Renaissance Technologies LLC bought a new stake in shares of ProFrac in the 1st quarter worth $872,000. Quantinno Capital Management LP lifted its holdings in shares of ProFrac by 94.4% in the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock valued at $298,000 after buying an additional 23,347 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of ProFrac by 91.6% in the first 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 during the period. 12.75% of the stock is currently owned by institutional investors.

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.