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

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $6.96, but opened at $6.55. ProFrac shares last traded at $6.54, with a volume of 34,207 shares traded.

Analyst Ratings Changes

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

ProFrac Stock Down 5.2 %

The firm has a 50-day moving average of $6.65 and a 200 day moving average of $7.59. 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 market capitalization of $999.34 million, a price-to-earnings ratio of -4.69 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The company had revenue of $579.40 million for the quarter, compared to analyst estimates of $624.64 million. As a group, sell-side analysts forecast that ProFrac Holding Corp. will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 786,193 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $6.49 per share, with a total value of $5,102,392.57. Following the completion of the transaction, the insider now directly owns 78,197,549 shares in the company, valued at approximately $507,502,093.01. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders acquired a total of 1,933,600 shares of company stock valued at $12,207,161 over the last three months. Insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

A number of hedge funds have recently made changes to their positions in ACDC. nVerses Capital LLC acquired a new stake in shares of ProFrac in the second quarter valued at approximately $44,000. Delta Investment Management LLC lifted its position in shares of ProFrac by 47.8% in the first 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 during the last quarter. Squarepoint Ops LLC acquired a new stake in ProFrac during the 2nd quarter worth approximately $150,000. Susquehanna Fundamental Investments LLC acquired a new stake in ProFrac during the 1st quarter worth approximately $357,000. Finally, Point72 Asset Management L.P. acquired a new stake in ProFrac during the 2nd quarter worth approximately $365,000. 12.75% of the stock is owned by institutional investors and hedge funds.

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.