ProFrac (NASDAQ:ACDC) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of ProFrac (NASDAQ:ACDC) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

ACDC has been the subject of several other research reports. Piper Sandler upped their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley lowered their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $5.25.

ProFrac Stock Performance

Shares of ACDC opened at $5.21 on Friday. The firm has a fifty day moving average of $4.81 and a 200-day moving average of $5.86. The company has a market cap of $948.85 million, a price-to-earnings ratio of -2.24 and a beta of 1.49. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac has a 1 year low of $3.08 and a 1 year high of $8.22.

Insider Activity

In other news, major shareholder Dan H. Wilks acquired 517,669 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the purchase, the insider owned 87,297,864 shares of the company’s stock, valued at approximately $424,267,619.04. This represents a 0.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Wilks bought 57,519 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, with a total value of $279,542.34. Following the purchase, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This represents a 13.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is owned by company insiders.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC increased its holdings in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of ProFrac in the 2nd quarter worth $29,000. Allworth Financial LP raised its position in shares of ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ProFrac during the third quarter valued at $45,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of ProFrac during the fourth quarter valued at $46,000. 12.75% of the stock is 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.