ProFrac (NASDAQ:ACDC) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of ProFrac (NASDAQ:ACDC) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Several other analysts also recently weighed in on ACDC. Morgan Stanley reduced their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a report on Friday, May 16th. Stifel Nicolaus reduced their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.90.

ProFrac Stock Up 1.8%

ProFrac stock opened at $6.67 on Thursday. ProFrac has a fifty-two week low of $3.83 and a fifty-two week high of $9.75. 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 $1.07 billion, a P/E ratio of -4.73 and a beta of 1.14. The stock has a 50-day simple moving average of $5.72 and a 200-day simple moving average of $6.99.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. Equities research analysts expect that ProFrac will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 390,253 shares of ProFrac stock in a transaction on Thursday, May 15th. The stock was purchased at an average cost of $6.10 per share, with a total value of $2,380,543.30. Following the purchase, the insider now directly owns 79,648,695 shares in the company, valued at approximately $485,857,039.50. The trade was a 0.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Matthew Wilks acquired 20,221 shares of ProFrac stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $4.32 per share, with a total value of $87,354.72. Following the completion of the purchase, the chairman now owns 308,977 shares in the company, valued at $1,334,780.64. The trade was a 7.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,072,752 shares of company stock valued at $6,704,539 in the last ninety days. Insiders own 2.84% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantinno Capital Management LP increased its position in ProFrac by 11.3% during the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after purchasing an additional 1,670 shares during the period. Dimensional Fund Advisors LP increased its position in ProFrac by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock worth $706,000 after purchasing an additional 1,860 shares during the period. Geode Capital Management LLC increased its position in ProFrac by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after purchasing an additional 2,893 shares during the period. Barclays PLC increased its position in ProFrac by 14.4% during the 4th quarter. Barclays PLC now owns 33,409 shares of the company’s stock worth $259,000 after purchasing an additional 4,194 shares during the period. Finally, Deutsche Bank AG increased its position in ProFrac by 64.7% during the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after purchasing an additional 5,767 shares during the period. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.