ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) shares dropped 4.1% on Monday . The company traded as low as $6.95 and last traded at $7.01. Approximately 43,507 shares were traded during trading, a decline of 95% from the average daily volume of 900,121 shares. The stock had previously closed at $7.31.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on ACDC. Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research note on Friday. Piper Sandler dropped their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Bank of America restated a “hold” rating and set a $7.50 price objective on shares of ProFrac in a report on Monday.
Get Our Latest Stock Report on ProFrac
ProFrac Stock Down 4.5 %
ProFrac (NASDAQ:ACDC – Get Free Report) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). The business had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, equities research analysts expect that ProFrac Holding Corp. will post -0.13 earnings per share for the current year.
Insider Transactions at ProFrac
In related news, major shareholder Holdings Lp Thrc acquired 353,635 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average price of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the transaction, the insider now directly owns 79,197,549 shares in the company, valued at $488,648,877.33. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders purchased 1,933,600 shares of company stock valued at $12,207,161. Corporate insiders own 2.93% of the company’s stock.
Institutional Investors Weigh In On ProFrac
Several institutional investors have recently bought and sold shares of the company. Delta Investment Management LLC lifted its holdings in shares of ProFrac by 47.8% during the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in ProFrac by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after buying an additional 5,312 shares during the last quarter. nVerses Capital LLC acquired a new stake in ProFrac in the second quarter worth about $44,000. Bank of New York Mellon Corp grew its stake in shares of ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after acquiring an additional 12,683 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of ProFrac during the second quarter valued at about $150,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.
About ProFrac
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.
Further Reading
- Five stocks we like better than ProFrac
- Using the MarketBeat Dividend Tax Calculator
- Whirlpool’s High Dividend Yield Is Too Good to Pass Up
- Following Congress Stock Trades
- Holiday Spending Boom Ahead: 3 BNPL Stocks Poised for Gains
- What is a support level?
- Boeing: A Perfect Storm of Trouble Is a Loaded Buying Opportunity
Receive News & Ratings for ProFrac Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ProFrac and related companies with MarketBeat.com's FREE daily email newsletter.