ProFrac (NASDAQ:ACDC) Reaches New 52-Week Low – Here’s What Happened

by · The Markets Daily

ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $5.12 and last traded at $5.21, with a volume of 890343 shares. The stock had previously closed at $6.68.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ACDC. Stifel Nicolaus increased their price target on shares of ProFrac from $6.00 to $7.00 and gave the company a “hold” rating in a report on Monday, March 10th. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, ProFrac has an average rating of “Hold” and an average target price of $7.40.

Get Our Latest Analysis on ACDC

ProFrac Trading Down 22.8 %

The stock has a market capitalization of $826.52 million, a PE ratio of -3.66 and a beta of 1.18. The stock has a 50-day moving average price of $7.49 and a two-hundred day moving average price of $7.39. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

Insiders Place Their Bets

In other news, major shareholder Farris Wilks bought 338,756 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were bought at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares in the company, valued at $9,123,580.62. This represents a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several large investors have recently made changes to their positions in ACDC. Barclays PLC raised its stake in ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares during the period. SG Americas Securities LLC purchased a new stake in ProFrac during the 4th quarter valued at approximately $115,000. Hotchkis & Wiley Capital Management LLC raised its position in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after buying an additional 443,530 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of ProFrac in the fourth quarter worth $112,000. Finally, Bank of New York Mellon Corp boosted its position in shares of ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after acquiring an additional 1,692,908 shares during the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Company Profile

(Get Free Report)

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.

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