ProFrac (NASDAQ:ACDC) Stock Price Down 3.5%

ProFrac Holding Corp. (NASDAQ:ACDC) dropped 3.5% during mid-day trading on Wednesday . The stock traded as low as $6.23 and last traded at $6.28. Approximately 541,664 shares traded hands during trading, a decline of 41% from the average daily volume of 918,961 shares. The stock had previously closed at $6.51.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ACDC. Bank of America cut their target price on ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus lowered their price objective on ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler reduced their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th.

ProFrac Stock Down 2.9 %

The stock has a market capitalization of $1.01 billion, a PE ratio of -7.00 and a beta of 0.85. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.71. The business’s fifty day moving average price is $7.48 and its two-hundred day moving average price is $7.92.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 440,217 shares of ProFrac stock in a transaction on Tuesday, May 28th. The stock was bought at an average cost of $9.49 per share, with a total value of $4,177,659.33. Following the transaction, the insider now owns 75,640,762 shares of the company’s stock, valued at approximately $717,830,831.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders bought a total of 1,176,061 shares of company stock worth $9,306,597 over the last three months. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

Several hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC purchased a new stake in ProFrac during the second quarter worth $44,000. Tower Research Capital LLC TRC increased its position in shares of ProFrac by 42.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock valued at $58,000 after buying an additional 2,034 shares in the last quarter. Delta Investment Management LLC lifted its position in shares of ProFrac by 47.8% during the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after buying an additional 5,000 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in ProFrac in the 2nd quarter valued at $150,000. Finally, Jump Financial LLC purchased a new stake in ProFrac in the 4th quarter worth $179,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

About ProFrac

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.