ProFrac (NASDAQ:ACDC) Given Hold Rating at Bank of America

Bank of America reaffirmed their hold rating on shares of ProFrac (NASDAQ:ACDC) in a research note issued to investors on Monday morning, Stock Target Advisor reports. They currently have a $7.50 target price on the stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler reduced their price target on ProFrac from $11.00 to $9.00 and set an overweight rating on the stock in a report on Monday, July 15th. Stifel Nicolaus lowered shares of ProFrac from a buy rating to a hold rating and set a $7.00 price objective for the company. in a report on Friday.

ProFrac Stock Down 4.5 %

Shares of ACDC opened at $6.98 on Monday. The business’s 50 day simple moving average is $6.64 and its 200-day simple moving average is $7.63. ProFrac has a 1 year low of $5.59 and a 1 year high of $10.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -7.51 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The business had revenue of $579.40 million for the quarter, compared to the consensus estimate of $624.64 million. As a group, equities analysts expect that ProFrac will post -0.13 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc acquired 353,635 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the acquisition, the insider now directly owns 79,197,549 shares of the company’s stock, valued at $488,648,877.33. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have bought 1,933,600 shares of company stock valued at $12,207,161. 2.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new position in shares of ProFrac during the second quarter valued at approximately $44,000. Delta Investment Management LLC boosted its position in ProFrac by 47.8% during the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of ProFrac in the 2nd quarter valued at $150,000. Susquehanna Fundamental Investments LLC bought a new position in shares of ProFrac in the 1st quarter worth $357,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of ProFrac during the 2nd quarter worth $365,000. 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.