ProFrac (NASDAQ:ACDC) Stock Price Up 4.7% – Should You Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) shares shot up 4.7% on Wednesday . The stock traded as high as $7.14 and last traded at $7.07. 98,575 shares traded hands during trading, a decline of 89% from the average session volume of 870,939 shares. The stock had previously closed at $6.75.

Analyst Ratings Changes

Several research firms have recently weighed in on ACDC. Bank of America reiterated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Finally, Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research note on Friday, October 11th.

ProFrac Price Performance

The firm’s 50-day moving average is $6.61 and its 200-day moving average is $7.32. The company has a market capitalization of $1.10 billion, a PE ratio of -4.79 and a beta of 0.84. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc acquired 6,136 shares of the stock in a transaction dated Friday, August 30th. The stock was purchased at an average cost of $6.99 per share, with a total value of $42,890.64. Following the completion of the purchase, the insider now owns 77,411,356 shares in the company, valued at approximately $541,105,378.44. The trade was a 0.01 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired 1,345,218 shares of company stock valued at $8,578,268 over the last three months. Insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC bought a new position in shares of ProFrac during the second quarter valued at about $44,000. Townsquare Capital LLC purchased a new position in shares of ProFrac during the 3rd quarter worth approximately $87,000. Quantinno Capital Management LP bought a new stake in shares of ProFrac during the third quarter valued at approximately $100,000. Squarepoint Ops LLC purchased a new stake in ProFrac in the second quarter worth $150,000. Finally, Barclays PLC raised its holdings in ProFrac by 213.6% in the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock worth $199,000 after purchasing an additional 19,898 shares in the last quarter. 12.75% of the stock is owned by institutional investors.

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.