ProFrac (NASDAQ:ACDC) Stock Price Up 9.3% After Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price was up 9.3% on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $5.27 and last traded at $5.1150. Approximately 593,551 shares changed hands during trading, a decline of 39% from the average daily volume of 975,905 shares. The stock had previously closed at $4.68.

Several other equities analysts have also recently commented on the stock. Morgan Stanley restated an “underweight” rating and set a $4.00 price target on shares of ProFrac in a research note on Wednesday. Piper Sandler lowered their price objective on ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Three analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $5.38.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its stake in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in shares of ProFrac in the second quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new stake in shares of ProFrac during the second quarter worth $29,000. BNP Paribas Financial Markets raised its holdings in shares of ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after acquiring an additional 4,871 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after acquiring an additional 10,016 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Stock Down 3.6%

The firm’s 50 day moving average price is $4.04 and its two-hundred day moving average price is $4.65. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $913.39 million, a P/E ratio of -2.46 and a beta of 1.69.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17). ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. The firm had revenue of $403.10 million during the quarter, compared to analyst estimates of $412.00 million. Equities research analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current year.

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.