ProFrac (NASDAQ:ACDC) Trading 7.5% Higher – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) shares traded up 7.5% during trading on Monday . The company traded as high as $7.90 and last traded at $7.85. 330,462 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 433,162 shares. The stock had previously closed at $7.30.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ACDC shares. Stifel Nicolaus dropped their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a report on Friday, December 6th. Finally, Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, ProFrac has an average rating of “Hold” and a consensus target price of $7.20.

ProFrac Stock Down 5.4 %

The firm’s 50-day simple moving average is $7.86 and its 200-day simple moving average is $7.22. 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 company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -5.32 and a beta of 1.19.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in ProFrac by 110.7% in the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after purchasing an additional 3,021 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of ProFrac during the fourth quarter worth $57,000. AlphaQuest LLC acquired a new position in ProFrac in the fourth quarter valued at about $66,000. Catalina Capital Group LLC bought a new stake in ProFrac during the 4th quarter worth approximately $79,000. Finally, Stratos Investment Management LLC bought a new position in ProFrac in the fourth quarter valued at approximately $84,000. 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.