ProFrac (NASDAQ:ACDC) Shares Up 1.8% – Time to Buy?

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price rose 1.8% during mid-day trading on Thursday . The stock traded as high as $5.75 and last traded at $5.62. Approximately 1,325,935 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 1,111,536 shares. The stock had previously closed at $5.52.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACDC. Morgan Stanley restated an “underweight” rating and set a $4.00 price objective on shares of ProFrac in a research report on Wednesday, January 21st. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, ProFrac currently has an average rating of “Reduce” and a consensus price target of $5.38.

ProFrac Trading Up 1.8%

The company has a 50-day moving average price of $4.60 and a two-hundred day moving average price of $4.32. The stock has a market cap of $1.02 billion, a P/E ratio of -2.74 and a beta of 1.69. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC lifted its stake in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of ProFrac in the second quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its stake in shares of ProFrac by 389.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after acquiring an additional 4,871 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in ProFrac by 822.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after acquiring an additional 10,016 shares during the period. Finally, Price T Rowe Associates Inc. MD bought a new position in ProFrac in the 4th quarter valued at $46,000. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.