ProFrac Holding Corp. (NASDAQ:ACDC) Receives Average Rating of “Hold” from Brokerages

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have been assigned a consensus recommendation of “Hold” from the four analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.50.

Several brokerages recently issued reports on ACDC. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a report on Friday, October 11th. Bank of America restated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Finally, Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th.

ProFrac Stock Performance

ProFrac stock opened at $7.59 on Friday. ProFrac has a twelve month low of $5.16 and a twelve month high of $9.75. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $1.22 billion, a P/E ratio of -5.38 and a beta of 0.84. The stock’s 50 day moving average is $6.67 and its 200 day moving average is $7.32.

Insider Activity at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 6,136 shares of ProFrac stock in a transaction dated Friday, August 30th. The shares were acquired at an average cost of $6.99 per share, with a total value of $42,890.64. Following the completion of the transaction, the insider now owns 77,411,356 shares in the company, valued at $541,105,378.44. The trade was a 0.01 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 1,345,218 shares of company stock worth $8,578,268 in the last quarter. 2.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in ProFrac during the 1st quarter valued at approximately $401,000. Bank of New York Mellon Corp lifted its position in ProFrac by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after purchasing an additional 12,683 shares during the period. nVerses Capital LLC acquired a new stake in ProFrac during the 2nd quarter worth about $44,000. American Century Companies Inc. grew its position in ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of ProFrac by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock valued at $660,000 after buying an additional 5,312 shares during the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Company Profile

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.