ProFrac (NASDAQ:ACDC) Raised to Hold at Wall Street Zen

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

A number of other equities research analysts also recently weighed in on ACDC. Piper Sandler raised their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 price target on shares of ProFrac in a research report on Wednesday, July 15th. 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. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $5.50.

ProFrac Stock Performance

Shares of NASDAQ:ACDC opened at $5.37 on Friday. The company has a market capitalization of $977.98 million, a PE ratio of -2.30 and a beta of 1.46. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. ProFrac has a 12-month low of $3.08 and a 12-month high of $8.22. The business’s fifty day simple moving average is $5.29 and its 200-day simple moving average is $5.90.

Insiders Place Their Bets

In other ProFrac news, major shareholder Dan H. Wilks bought 517,669 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the purchase, the insider directly owned 87,297,864 shares in the company, valued at $424,267,619.04. This represents a 0.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Wilks purchased 57,519 shares of the firm’s 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 purchase, the chief executive officer owned 479,616 shares of the company’s stock, valued at $2,330,933.76. The trade was a 13.63% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 800,000 shares of company stock worth $4,018,391. Insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the second quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of ProFrac in the third quarter worth about $45,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of ProFrac during the fourth quarter worth about $46,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ProFrac during the fourth quarter worth about $47,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.