ProFrac (NASDAQ:ACDC) Trading Up 7.8% – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC) rose 7.8% during mid-day trading on Tuesday . The stock traded as high as $8.49 and last traded at $8.48. Approximately 471,050 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 867,419 shares. The stock had previously closed at $7.87.

Analyst Ratings Changes

ACDC has been the subject of several analyst reports. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a report on Friday, October 11th. Finally, Bank of America restated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th.

ProFrac Price Performance

The stock has a market capitalization of $1.35 billion, a PE ratio of -6.01 and a beta of 0.84. The firm’s 50-day moving average price is $6.73 and its 200-day moving average price is $7.32. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

In other news, major shareholder Holdings Lp Thrc purchased 786,193 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $6.49 per share, for a total transaction of $5,102,392.57. Following the completion of the purchase, the insider now owns 78,197,549 shares in the company, valued at approximately $507,502,093.01. This represents a 1.02 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 1,313,434 shares of company stock valued at $8,365,633 in the last ninety days. 2.93% of the stock is owned by company insiders.

Institutional Trading of ProFrac

A number of hedge funds have recently bought and sold shares of the stock. Barclays PLC grew its position in ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company’s stock worth $199,000 after purchasing an additional 19,898 shares during the last quarter. Arete Wealth Advisors LLC increased its position in shares of ProFrac by 478.8% in the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock valued at $874,000 after acquiring an additional 107,908 shares during the period. Quantinno Capital Management LP purchased a new position in ProFrac in the 3rd quarter worth $100,000. Hotchkis & Wiley Capital Management LLC lifted its position in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after acquiring an additional 443,530 shares during the period. Finally, Verition Fund Management LLC grew its stake in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company’s stock valued at $566,000 after purchasing an additional 40,390 shares during the last quarter. 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.