ProFrac (NASDAQ:ACDC) Shares Up 9.3% Following Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC) shares traded up 9.3% during mid-day trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $5.27 and last traded at $5.1150. 593,551 shares were traded during trading, a decline of 39% from the average session volume of 975,905 shares. The stock had previously closed at $4.68.

A number of other brokerages have also recently weighed in on ACDC. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Piper Sandler cut their price objective on ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $4.00 price objective on shares of ProFrac in a research note on Wednesday. Three investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, ProFrac has a consensus rating of “Reduce” and a consensus target price of $5.38.

Hedge Funds Weigh In On ProFrac

Several hedge funds and other institutional investors have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC grew its position in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after acquiring an additional 3,476 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in ProFrac during the 2nd quarter valued at $29,000. Raymond James Financial Inc. acquired a new stake in ProFrac during the 2nd quarter valued at $29,000. BNP Paribas Financial Markets increased its stake in 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 buying an additional 4,871 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after buying an additional 10,016 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Price Performance

The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.63 and a current ratio of 0.91. The business’s fifty day simple moving average is $4.01 and its 200 day simple moving average is $4.66. The stock has a market cap of $913.40 million, a price-to-earnings ratio of -2.46 and a beta of 1.69.

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

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.