ProFrac (NASDAQ:ACDC) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of ProFrac (NASDAQ:ACDC) from a strong sell rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Morgan Stanley reissued an “underweight” rating and issued a $4.00 price target on shares of ProFrac in a report on Wednesday. Finally, Piper Sandler dropped their price target on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Three analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $5.38.

ProFrac Stock Up 2.1%

Shares of ACDC opened at $5.24 on Wednesday. The company has a market cap of $947.76 million, a PE ratio of -2.56 and a beta of 1.69. The business has a fifty day moving average of $4.01 and a 200 day moving average of $4.66. ProFrac has a 52-week low of $3.08 and a 52-week high of $10.70. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.17). The company had revenue of $403.10 million during the quarter, compared to analysts’ expectations of $412.00 million. ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. On average, sell-side analysts expect that ProFrac will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACDC. Farther Finance Advisors LLC purchased a new stake in ProFrac during the 2nd quarter worth about $29,000. Tweedy Browne Co LLC lifted its stake in ProFrac by 120.7% in the second quarter. Tweedy Browne Co LLC now owns 27,632 shares of the company’s stock worth $214,000 after acquiring an additional 15,113 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in ProFrac during the 2nd quarter worth approximately $132,000. Drive Wealth Management LLC purchased a new stake in shares of ProFrac in the 2nd quarter valued at approximately $111,000. Finally, Bleakley Financial Group LLC purchased a new stake in shares of ProFrac during the 2nd quarter worth $379,000. 12.75% of the stock is currently 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.