ProFrac (NASDAQ:ACDC) Stock Price Up 6.5% – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC) shares were up 6.5% on Tuesday . The company traded as high as $8.60 and last traded at $8.54. Approximately 469,192 shares changed hands during mid-day trading, an increase of 17% from the average daily volume of 401,191 shares. The stock had previously closed at $8.02.

Analysts Set New Price Targets

ACDC has been the subject of a number of research reports. Stifel Nicolaus cut their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research report on Friday, December 6th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Finally, Bank of America reiterated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.20.

ProFrac Trading Up 2.8 %

The firm has a market capitalization of $1.48 billion, a P/E ratio of -6.54 and a beta of 1.20. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm has a 50-day moving average of $7.72 and a 200-day moving average of $7.19.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of ProFrac in the third quarter valued at about $3,764,000. Hotchkis & Wiley Capital Management LLC increased its holdings in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares during the period. Marshall Wace LLP raised its position in ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares during the last quarter. American Century Companies Inc. lifted its holdings in ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after buying an additional 132,108 shares during the period. Finally, Arete Wealth Advisors LLC grew 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 worth $874,000 after buying an additional 107,908 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.