ProFrac (NASDAQ:ACDC) Price Target Raised to $5.00

ProFrac (NASDAQ:ACDC) had its target price lifted by Morgan Stanley from $4.00 to $5.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

Several other equities research analysts have also issued reports on ACDC. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. Finally, UBS Group reissued a “positive” rating on shares of ProFrac in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, ProFrac currently has an average rating of “Reduce” and an average target price of $5.63.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $6.69 on Tuesday. The company has a market capitalization of $1.21 billion, a P/E ratio of -3.04 and a beta of 1.70. The company’s 50-day moving average is $5.51 and its 200 day moving average is $4.54. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.56 and a current ratio of 0.81. ProFrac has a fifty-two week low of $3.08 and a fifty-two week high of $10.70.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Friday, March 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). The company had revenue of $436.50 million for the quarter, compared to analysts’ expectations of $402.95 million. ProFrac had a negative return on equity of 33.18% and a negative net margin of 18.97%. On average, equities research analysts forecast that ProFrac will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On ProFrac

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its stake in ProFrac by 7,241.7% in 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. Raymond James Financial Inc. purchased a new position in shares of ProFrac during the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of ProFrac in the third quarter worth $45,000. Price T Rowe Associates Inc. MD bought a new position in shares of ProFrac in the fourth quarter worth $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of ProFrac in the fourth quarter worth $47,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.