ProFrac (NASDAQ:ACDC) Stock Price Down 3.5%

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price was down 3.5% during trading on Wednesday . The stock traded as low as $6.23 and last traded at $6.28. Approximately 541,664 shares were traded during trading, a decline of 41% from the average daily volume of 918,961 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

ACDC has been the subject of several recent analyst reports. Bank of America dropped their price objective on ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Monday, July 15th. Piper Sandler decreased their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Stifel Nicolaus lowered their target price on ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 12th.

ProFrac Trading Down 2.9 %

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

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 130,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $6.49 per share, for a total transaction of $843,700.00. Following the transaction, the insider now directly owns 76,800,545 shares in the company, valued at $498,435,537.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 company insiders.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. First Financial Bankshares Inc bought a new stake in shares of ProFrac in the fourth quarter worth $8,580,000. Russell Investments Group Ltd. boosted its stake in shares of ProFrac by 712.8% during the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after buying an additional 130,757 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of ProFrac by 42.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock valued at $58,000 after acquiring an additional 2,034 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of ProFrac in the fourth quarter valued at about $179,000. Finally, CastleKnight Management LP bought a new stake in ProFrac during the fourth quarter worth about $956,000. Institutional investors and hedge funds 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.