ProFrac (NASDAQ:ACDC) Rating Lowered to Sell at Wall Street Zen

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

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

ProFrac Stock Performance

NASDAQ:ACDC opened at $4.07 on Friday. ProFrac has a 12 month low of $3.08 and a 12 month high of $8.22. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $741.23 million, a price-to-earnings ratio of -1.75 and a beta of 1.52. The firm has a fifty day simple moving average of $4.72 and a two-hundred day simple moving average of $5.56.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 363,757 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the completion of the acquisition, the insider directly owned 83,785,415 shares of the company’s stock, valued at approximately $393,791,450.50. The trade was a 0.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Wilks acquired 57,519 shares of ProFrac 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 owned 479,616 shares of the company’s stock, valued at $2,330,933.76. This represents a 13.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue lifted its position in ProFrac by 47.6% in the third quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock valued at $37,000 after purchasing an additional 2,795 shares during the last quarter. Allworth Financial LP boosted its stake in shares of ProFrac by 88.8% during the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after purchasing an additional 3,131 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in ProFrac during the 2nd quarter valued at approximately $68,000. SG Americas Securities LLC purchased a new stake in ProFrac in the first quarter worth $86,000. Finally, AXQ Capital LP grew its position in shares of ProFrac by 11.0% in the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock worth $263,000 after buying an additional 4,487 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

ProFrac Company Profile

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.