ProFrac (NASDAQ:ACDC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of ProFrac (NASDAQ:ACDC) from a sell rating to a hold rating in a research note issued to investors on Saturday.

ACDC has been the subject of several other reports. Morgan Stanley set a $5.00 target price on shares of ProFrac in a research report on Wednesday, July 15th. Piper Sandler boosted their price target on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, ProFrac presently has a consensus rating of “Reduce” and a consensus price target of $5.50.

ProFrac Stock Performance

NASDAQ:ACDC opened at $5.28 on Friday. The stock has a market cap of $961.59 million, a P/E ratio of -2.27 and a beta of 1.46. The firm’s fifty day simple moving average is $5.25 and its 200 day simple moving average is $5.91. ProFrac has a twelve month low of $3.08 and a twelve month high of $8.22. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Insider Buying and Selling at ProFrac

In other news, CEO Matthew Wilks acquired 57,519 shares of the stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $4.86 per share, with a total value of $279,542.34. Following the completion of the transaction, the chief executive officer owned 479,616 shares of the company’s stock, valued at $2,330,933.76. This represents a 13.63% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Dan H. Wilks bought 517,669 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the acquisition, the insider owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. This represents a 0.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 800,000 shares of company stock valued at $4,018,391 in the last three months. Insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its stake in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in ProFrac in the second quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of ProFrac during the third quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD bought a new position in shares of ProFrac during the fourth quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of ProFrac during the fourth quarter valued at approximately $47,000. 12.75% of the stock is 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.