ProFrac (NASDAQ:ACDC) Shares Gap Down – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) shares gapped down prior to trading on Monday . The stock had previously closed at $5.91, but opened at $5.72. ProFrac shares last traded at $5.86, with a volume of 201,227 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Bank of America reiterated a “hold” rating and set a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a report on Friday, October 11th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Finally, Piper Sandler cut their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The stock has a 50-day moving average of $6.58 and a 200-day moving average of $7.47.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). The company had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. On average, analysts predict that ProFrac Holding Corp. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc bought 353,635 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the purchase, the insider now directly owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have acquired 1,933,600 shares of company stock valued at $12,207,161 over the last ninety days. 2.93% of the stock is owned by insiders.

Institutional Trading of ProFrac

Several large investors have recently bought and sold shares of the company. Pinnacle Associates Ltd. boosted its position in ProFrac by 39.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock valued at $790,000 after acquiring an additional 33,139 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in ProFrac during the 2nd quarter valued at approximately $365,000. Squarepoint Ops LLC bought a new stake in ProFrac during the 2nd quarter valued at approximately $150,000. Marshall Wace LLP boosted its position in ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after acquiring an additional 5,312 shares in the last quarter. 12.75% of the stock is 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.