ProFrac (NASDAQ:ACDC) Sets New 1-Year Low - What's Next?
ProFrac Holding Corp. (NASDAQ:ACDC) reached a new 52-week low of $4.00, closing at $5.30 with a trading volume of 1,755,168 shares. Analysts have a consensus rating of "Hold" with a price target of $7.40. Major shareholder Farris Wilks increased his stake by purchasing 338,756 shares. Institutional investors have also adjusted their positions, owning 12.75% of the stock. ProFrac operates in energy services, focusing on hydraulic fracturing and well stimulation for oil and gas companies.
ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The company traded as low as $4.00 and last traded at $5.30, with a volume of 1755168 shares traded. The stock had previously closed at $4.31.
Analyst Ratings Changes
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Separately, Stifel Nicolaus boosted their price target on ProFrac from $6.00 to $7.00 and gave the stock a "hold" rating in a report on Monday, March 10th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $7.40.
Check Out Our Latest Report on ProFrac
ProFrac Trading Up 23.0 %
The business has a fifty day simple moving average of $7.14 and a 200-day simple moving average of $7.32. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The firm has a market cap of $848.94 million, a price-to-earnings ratio of -3.76 and a beta of 1.05.
Insiders Place Their Bets
In related news, major shareholder Farris Wilks purchased 338,756 shares of ProFrac stock in a transaction on Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the transaction, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.93% of the company's stock.
Institutional Investors Weigh In On ProFrac
Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in shares of ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock valued at $45,000 after buying an additional 3,021 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of ProFrac during the 4th quarter valued at about $57,000. AlphaQuest LLC acquired a new position in ProFrac during the 4th quarter worth approximately $66,000. Catalina Capital Group LLC acquired a new position in ProFrac during the 4th quarter worth approximately $79,000. Finally, Stratos Investment Management LLC acquired a new position in ProFrac during the 4th quarter worth approximately $84,000. Institutional investors own 12.75% of the company's stock.
About ProFrac
(Get Free Report)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.
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