ProFrac (NASDAQ:ACDC) Cut to “Hold” at Stifel Nicolaus

Stifel Nicolaus lowered shares of ProFrac (NASDAQ:ACDC) from a buy rating to a hold rating in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage currently has $7.00 price objective on the stock.

Several other research analysts have also recently issued reports on the company. Piper Sandler dropped 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. Bank of America cut their target price on shares of ProFrac from $9.50 to $8.50 and set a neutral rating for the company in a research report on Monday, July 15th.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $7.31 on Friday. ProFrac has a one year low of $5.59 and a one year high of $10.14. The business’s fifty day moving average price is $6.65 and its two-hundred day moving average price is $7.64. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. The stock has a market cap of $1.17 billion, a PE ratio of -7.86 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The business had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. On average, analysts forecast that ProFrac will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 6,136 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was purchased at an average cost of $6.99 per share, for a total transaction of $42,890.64. Following the transaction, the insider now owns 77,411,356 shares in the company, valued at $541,105,378.44. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders acquired 1,933,600 shares of company stock worth $12,207,161 in the last quarter. 2.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ACDC. Delta Investment Management LLC increased its stake in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after purchasing an additional 5,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of ProFrac by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after acquiring an additional 5,312 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of ProFrac in the 2nd quarter worth approximately $44,000. Bank of New York Mellon Corp raised its holdings in ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after buying an additional 12,683 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in ProFrac during the 2nd quarter valued at $150,000. 12.75% of the stock is owned by institutional investors.

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.