ProFrac (NASDAQ:ACDC) Given New $6.00 Price Target at Stifel Nicolaus

ProFrac (NASDAQ:ACDC) had its price target cut by equities research analysts at Stifel Nicolaus from $7.00 to $6.00 in a report issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Stifel Nicolaus’ price target indicates a potential downside of 26.11% from the company’s previous close.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a research note on Friday, December 6th. Bank of America reissued a “hold” rating and set a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th. Finally, Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $7.00 to $6.50 in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.20.

ProFrac Price Performance

ACDC traded down $0.09 during trading on Monday, reaching $8.12. The company’s stock had a trading volume of 68,624 shares, compared to its average volume of 287,780. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -5.76 and a beta of 1.15. The firm has a fifty day simple moving average of $7.45 and a two-hundred day simple moving average of $7.15. ProFrac has a 1 year low of $5.16 and a 1 year 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.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in shares of ProFrac by 72.0% during the second 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 in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after acquiring an additional 443,530 shares during the period. Marshall Wace LLP increased its holdings in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Arete Wealth Advisors LLC grew its position in ProFrac by 478.8% during the third quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after buying an additional 107,908 shares during the period. Finally, Empowered Funds LLC acquired a new stake in shares of ProFrac during the 3rd quarter valued at approximately $3,764,000. 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.