ProFrac (NASDAQ:ACDC) Shares Down 6.2% – Here’s Why
by Sarita Garza · The Markets DailyProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) traded down 6.2% during trading on Friday . The stock traded as low as $5.25 and last traded at $5.27. 314,353 shares were traded during trading, a decline of 72% from the average session volume of 1,113,882 shares. The stock had previously closed at $5.62.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on ACDC shares. Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Morgan Stanley reaffirmed an “underweight” rating and set a $4.00 price objective on shares of ProFrac in a report on Wednesday, January 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Three research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $5.38.
Read Our Latest Stock Report on ProFrac
ProFrac Trading Down 5.5%
The firm has a market capitalization of $960.43 million, a PE ratio of -2.59 and a beta of 1.69. The firm’s 50-day simple moving average is $4.60 and its 200-day simple moving average is $4.32. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in ProFrac by 7,241.7% in the second 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 during the period. Raymond James Financial Inc. purchased a new position in ProFrac during the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in ProFrac during the 3rd quarter valued at about $45,000. Price T Rowe Associates Inc. MD bought a new stake in ProFrac during the fourth quarter worth about $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in ProFrac in the fourth quarter worth about $47,000. 12.75% of the stock is owned by hedge funds and other 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.