Stifel Nicolaus Forecasts Strong Price Appreciation for ProFrac (NASDAQ:ACDC) Stock

ProFrac (NASDAQ:ACDC) had its target price boosted by equities researchers at Stifel Nicolaus from $6.00 to $7.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective indicates a potential downside of 5.21% from the company’s current price.

Separately, JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective for the company. in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.40.

ProFrac Trading Up 4.8 %

NASDAQ ACDC traded up $0.34 on Monday, reaching $7.39. 181,561 shares of the company were exchanged, compared to its average volume of 462,289. ProFrac has a fifty-two week low of $5.16 and a fifty-two week high of $9.75. The stock has a market capitalization of $1.18 billion, a P/E ratio of -5.24 and a beta of 1.18. The business’s fifty day moving average price is $7.75 and its 200 day moving average price is $7.25. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

In related news, major shareholder Farris Wilks purchased 338,756 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the transaction, the insider now directly owns 1,316,534 shares in the company, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quantinno Capital Management LP grew its position in shares of ProFrac by 11.3% during the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after buying an additional 1,670 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ProFrac by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock valued at $706,000 after acquiring an additional 1,860 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of ProFrac by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock valued at $4,591,000 after buying an additional 2,893 shares in the last quarter. GAMMA Investing LLC boosted its position in ProFrac by 110.7% during the fourth quarter. GAMMA Investing LLC now owns 5,749 shares of the company’s stock worth $45,000 after purchasing an additional 3,021 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of ProFrac by 14.4% in the fourth quarter. Barclays PLC now owns 33,409 shares of the company’s stock valued at $259,000 after purchasing an additional 4,194 shares in the last quarter. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.