ProFrac (NASDAQ:ACDC) Shares Gap Down After Earnings Miss

ProFrac Holding Corp. (NASDAQ:ACDC) gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $6.35, but opened at $6.13. ProFrac shares last traded at $6.35, with a volume of 207,464 shares trading hands.

The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.07). ProFrac had a negative return on equity of 31.70% and a negative net margin of 18.97%.The firm had revenue of $436.50 million during the quarter, compared to the consensus estimate of $402.95 million.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ACDC shares. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. UBS Group reiterated a “positive” rating on shares of ProFrac in a research note on Thursday. Finally, Morgan Stanley reissued an “underweight” rating and set a $4.00 target price on shares of ProFrac in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $5.38.

Institutional Trading of ProFrac

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew 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 in the last quarter. Raymond James Financial Inc. bought a new stake in ProFrac during the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ProFrac in the 3rd quarter worth $45,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of ProFrac in the 4th quarter worth $46,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of ProFrac during the 4th quarter worth $47,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Stock Up 2.8%

The firm has a market cap of $1.18 billion, a P/E ratio of -2.97 and a beta of 1.70. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96. The business has a 50-day moving average price of $5.14 and a 200-day moving average price of $4.40.

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.