Analysts Set ProFrac Holding Corp. (NASDAQ:ACDC) PT at $5.80

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have received an average rating of “Strong Sell” from the seven research firms that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $5.80.

Several brokerages have weighed in on ACDC. Zacks Research upgraded ProFrac from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Morgan Stanley set a $4.50 target price on ProFrac and gave the stock an “underweight” rating in a report on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, October 8th. Piper Sandler lowered their target price on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. Finally, Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th.

Insiders Place Their Bets

In related news, Chairman Matthew Wilks acquired 43,297 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The stock was purchased at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the purchase, the chairman directly owned 422,097 shares of the company’s stock, valued at $1,603,968.60. This trade represents a 11.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the purchase, the insider directly owned 82,389,657 shares in the company, valued at $329,558,628. The trade was a 3.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.84% of the company’s stock.

Institutional Investors Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in ACDC. Bridgeway Capital Management LLC lifted its stake in shares of ProFrac by 10.6% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock worth $8,859,000 after purchasing an additional 111,913 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ProFrac by 818.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after purchasing an additional 90,176 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of ProFrac during the 1st quarter worth $548,000. First Trust Advisors LP purchased a new stake in shares of ProFrac during the 2nd quarter worth $553,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of ProFrac by 46.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company’s stock worth $1,687,000 after purchasing an additional 68,675 shares during the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Price Performance

ACDC opened at $4.36 on Friday. The business has a fifty day moving average of $3.87 and a 200 day moving average of $5.75. ProFrac has a 52-week low of $3.43 and a 52-week high of $10.70. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The stock has a market cap of $788.60 million, a P/E ratio of -2.51 and a beta of 1.61.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.38). ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%.The firm had revenue of $501.90 million during the quarter, compared to analysts’ expectations of $532.93 million. As a group, sell-side analysts anticipate that ProFrac will post -0.5 EPS for the current year.

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.