Bank of America Boosts ProFrac (NASDAQ:ACDC) Price Target to $9.50

ProFrac (NASDAQ:ACDC) had its price objective lifted by Bank of America from $8.50 to $9.50 in a research note published on Monday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Stifel Nicolaus reduced their price target on ProFrac from $12.00 to $10.00 and set a buy rating on the stock in a report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $12.50.

ProFrac Trading Down 5.9 %

Shares of ACDC stock opened at $7.49 on Monday. ProFrac has a 1 year low of $6.46 and a 1 year high of $14.32. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62. The stock’s 50 day simple moving average is $7.99 and its two-hundred day simple moving average is $8.25. The company has a market cap of $1.20 billion, a PE ratio of -14.13 and a beta of 0.71.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, March 15th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.23). ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. The business had revenue of $489.10 million during the quarter, compared to analysts’ expectations of $594.17 million. Research analysts predict that ProFrac will post 0.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in ProFrac by 6.2% during the 2nd quarter. BlackRock Inc. now owns 1,860,796 shares of the company’s stock worth $20,766,000 after purchasing an additional 109,123 shares during the period. First Financial Bankshares Inc purchased a new position in ProFrac during the 4th quarter worth $8,580,000. State Street Corp increased its holdings in ProFrac by 36.5% during the 1st quarter. State Street Corp now owns 872,363 shares of the company’s stock worth $11,053,000 after purchasing an additional 233,075 shares during the period. Goldman Sachs Group Inc. increased its holdings in ProFrac by 134.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 820,658 shares of the company’s stock worth $6,959,000 after purchasing an additional 470,282 shares during the period. Finally, FMR LLC purchased a new position in ProFrac during the 1st quarter worth $9,858,000. 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.