ProFrac (NASDAQ:ACDC) Stock Rating Lowered by Wall Street Zen

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

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, ProFrac has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

Shares of ProFrac stock opened at $4.96 on Friday. The firm has a market capitalization of $903.32 million, a PE ratio of -2.13 and a beta of 1.49. 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 50-day moving average price is $4.81 and its 200-day moving average price is $5.86.

Insider Transactions at ProFrac

In other news, major shareholder Dan H. Wilks purchased 517,669 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the acquisition, the insider directly owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. This represents a 0.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings Lp Thrc purchased 363,757 shares of the company’s stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the transaction, the insider directly owned 83,785,415 shares in the company, valued at $393,791,450.50. This trade represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 2,014,454 shares of company stock worth $9,750,117. Insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several hedge funds and other institutional investors have recently modified their holdings of ACDC. Dimensional Fund Advisors LP grew its stake in shares of ProFrac by 156.5% in the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after purchasing an additional 238,210 shares during the last quarter. Walleye Capital LLC grew its position in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after buying an additional 266,742 shares during the last quarter. Bank of America Corp DE grew its position in shares of 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 during the last quarter. Renaissance Technologies LLC purchased a new position in shares of ProFrac during the first quarter valued at approximately $872,000. Finally, Sei Investments Co. increased its stake in shares of ProFrac by 91.6% during the first quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after buying an additional 47,800 shares during the period. 12.75% of the stock is owned by institutional investors.

ProFrac Company Profile

ProFrac Holding Corp. (NASDAQ: ACDC) is an energy services company that provides hydraulic fracturing and other well-completion services to oil and natural gas exploration and production companies. Its services are used primarily during the development of unconventional wells, including shale and tight-oil formations.

The company operates a vertically integrated business that includes stimulation services, proppant production and equipment manufacturing. Its offerings include hydraulic fracturing fleets, frac sand and other proppants, well-completion chemicals, and related equipment and services designed to support the drilling and completion process.

ProFrac serves customers in major U.S.