Morgan Stanley Lowers ProFrac (NASDAQ:ACDC) to Underweight

Morgan Stanley cut shares of ProFrac (NASDAQ:ACDC) from an equal weight rating to an underweight rating in a report issued on Thursday, Marketbeat reports. They currently have $6.50 price target on the stock, down from their previous price target of $7.00.

A number of other equities analysts have also issued reports on ACDC. Bank of America reaffirmed a “hold” rating and set a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Piper Sandler lowered their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Stifel Nicolaus downgraded shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a report on Friday, October 11th.

ProFrac Stock Performance

ACDC stock opened at $6.24 on Thursday. The company has a market capitalization of $998.00 million, a P/E ratio of -6.71 and a beta of 0.81. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The company has a 50-day simple moving average of $6.65 and a 200 day simple moving average of $7.58. ProFrac has a fifty-two week low of $5.59 and a fifty-two week high of $10.14.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share 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 company had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. Sell-side analysts predict that ProFrac will post -0.26 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In related news, major shareholder Holdings Lp Thrc bought 786,193 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $6.49 per share, with a total value of $5,102,392.57. Following the completion of the transaction, the insider now directly owns 78,197,549 shares of the company’s stock, valued at approximately $507,502,093.01. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 1,933,600 shares of company stock valued at $12,207,161 in the last three months. 2.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new position in ProFrac during the 1st quarter worth approximately $357,000. Delta Investment Management LLC raised its position in ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after buying an additional 5,000 shares during the period. Virtu Financial LLC purchased a new stake in ProFrac in the 1st quarter worth about $401,000. Bank of New York Mellon Corp boosted its position 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 worth $872,000 after acquiring an additional 12,683 shares during the period. Finally, nVerses Capital LLC purchased a new position in ProFrac during the 2nd quarter valued at about $44,000. 12.75% of the stock is owned by hedge funds and other 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.