ProFrac (NASDAQ:ACDC) Trading Down 16.1% – Should You Sell?

ProFrac Holding Corp. (NASDAQ:ACDC) traded down 16.1% during trading on Thursday . The company traded as low as $6.99 and last traded at $6.99. 233,981 shares traded hands during trading, a decline of 68% from the average session volume of 721,233 shares. The stock had previously closed at $8.33.

Analysts Set New Price Targets

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

ProFrac Stock Down 19.8 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock’s 50 day simple moving average is $7.52 and its two-hundred day simple moving average is $7.39. The firm has a market cap of $1.07 billion, a P/E ratio of -4.74 and a beta of 1.18.

Insiders Place Their Bets

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

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in ProFrac by 110.7% in the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after purchasing an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of ProFrac in the 4th quarter valued at $57,000. AlphaQuest LLC purchased a new stake in shares of ProFrac in the 4th quarter valued at $66,000. Catalina Capital Group LLC acquired a new stake in ProFrac during the 4th quarter worth about $79,000. Finally, Stratos Investment Management LLC acquired a new position in shares of ProFrac in the 4th quarter valued at $84,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.