Wall Street Zen Upgrades ProFrac (NASDAQ:ACDC) to “Hold”

ProFrac (NASDAQ:ACDC) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts have also weighed in on the company. Morgan Stanley decreased their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

Shares of NASDAQ ACDC opened at $4.58 on Friday. ProFrac has a one year low of $3.08 and a one year high of $8.22. The business’s fifty day moving average price is $4.75 and its 200-day moving average price is $5.77. The stock has a market capitalization of $834.11 million, a PE ratio of -1.97 and a beta of 1.52. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59.

Insiders Place Their Bets

In other ProFrac news, major shareholder Dan H. Wilks purchased 30,820 shares of ProFrac stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the acquisition, the insider directly owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings Lp Thrc bought 30,820 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were acquired at an average price of $4.81 per share, with a total value of $148,244.20. Following the acquisition, the insider owned 83,816,235 shares of the company’s stock, valued at $403,156,090.35. This represents a 0.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,014,454 shares of company stock valued at $9,750,117 in the last quarter. Insiders own 2.23% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several hedge funds have recently bought and sold shares of the business. Walleye Capital LLC raised its stake in shares of ProFrac by 328.6% in the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after purchasing an additional 266,742 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ProFrac by 156.5% during the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock valued at $2,421,000 after buying an additional 238,210 shares during the last quarter. Renaissance Technologies LLC bought a new stake in ProFrac in the 1st quarter worth about $872,000. Bank of America Corp DE increased its holdings in ProFrac by 186.9% in the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after buying an additional 114,429 shares in the last quarter. Finally, Corient Private Wealth LP purchased a new position in ProFrac in the 2nd quarter worth about $368,000. Institutional investors own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other completion services to oil and natural gas producers. Its operations support the development of unconventional wells, where specialized equipment and high-pressure pumping are used to stimulate underground formations and improve hydrocarbon recovery.

The company operates an integrated business model spanning stimulation services, proppant production and manufacturing. Its offerings include hydraulic fracturing, well stimulation, frac sand and other proppants, logistics and related equipment manufacturing, maintenance and repair services.