ProFrac (NASDAQ:ACDC) Sets New 52-Week Low – Here’s What Happened

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price reached a new 52-week low on Wednesday . The company traded as low as $3.08 and last traded at $3.36, with a volume of 1734400 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

A number of research analysts have recently commented on ACDC shares. Zacks Research lowered shares of ProFrac from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Morgan Stanley set a $4.50 target price on ProFrac and gave the stock an “underweight” rating in a research report on Friday, October 17th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ProFrac in a report on Tuesday. Finally, Piper Sandler cut their price objective on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. Two research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Sell” and an average target price of $5.80.

ProFrac Trading Up 2.1%

The stock has a 50 day moving average of $4.05 and a 200 day moving average of $5.69. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.63. The firm has a market cap of $620.38 million, a P/E ratio of -1.67 and a beta of 1.66.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.17). The firm had revenue of $403.10 million for the quarter, compared to the consensus estimate of $412.00 million. ProFrac had a negative return on equity of 32.01% and a negative net margin of 16.86%. As a group, equities research analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Insider Transactions at ProFrac

In other ProFrac news, Chairman Matthew Wilks purchased 43,297 shares of ProFrac stock in a transaction on Monday, September 8th. The shares were acquired at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the transaction, the chairman directly owned 422,097 shares of the company’s stock, valued at approximately $1,603,968.60. The trade was a 11.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 2.64% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in ACDC. First Financial Bankshares Inc grew its holdings in shares of ProFrac by 30.1% during the 3rd quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after purchasing an additional 973,062 shares during the last quarter. UBS Group AG boosted its position in ProFrac by 1,862.8% during the third quarter. UBS Group AG now owns 705,568 shares of the company’s stock valued at $2,611,000 after buying an additional 669,621 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of ProFrac by 27.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock valued at $5,494,000 after buying an additional 322,860 shares during the last quarter. Millennium Management LLC grew its stake in shares of ProFrac by 293.4% during the third quarter. Millennium Management LLC now owns 317,446 shares of the company’s stock valued at $1,175,000 after buying an additional 236,756 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its holdings in shares of ProFrac by 131.7% in the third quarter. Dark Forest Capital Management LP now owns 282,844 shares of the company’s stock worth $1,047,000 after buying an additional 160,752 shares during the period. 12.75% of the stock is currently owned by institutional investors.

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.