ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report)’s share price dropped 6.4% during mid-day trading on Monday . The company traded as low as $7.07 and last traded at $7.0680. Approximately 452,065 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 1,349,831 shares. The stock had previously closed at $7.55.
Wall Street Analyst Weigh In
ACDC has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 15th. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Friday, March 27th. Finally, Piper Sandler increased their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, ProFrac has a consensus rating of “Reduce” and a consensus target price of $6.17.
View Our Latest Research Report on ProFrac
ProFrac Trading Down 2.4%
ProFrac (NASDAQ:ACDC – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.10). ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%.The firm had revenue of $449.60 million for the quarter, compared to analyst estimates of $426.39 million. Research analysts anticipate that ProFrac Holding Corp. will post -1.15 earnings per share for the current fiscal year.
Institutional Investors Weigh In On ProFrac
Several hedge funds and other institutional investors have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC increased its position in ProFrac by 7,241.7% during 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 position in shares of ProFrac in the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in ProFrac in the third quarter worth approximately $45,000. Price T Rowe Associates Inc. MD purchased a new position in ProFrac in the fourth quarter worth approximately $46,000. Finally, The Manufacturers Life Insurance Company purchased a new position in ProFrac in the fourth quarter worth approximately $47,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.
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.
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