ProFrac (NASDAQ:ACDC) Stock Price Target Cut by Morgan Stanley

ProFrac (NASDAQ:ACDC) had its price objective dropped by equities research analysts at Morgan Stanley from $4.50 to $4.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley‘s target price would indicate a potential upside of 18.84% from the stock’s current price.

ACDC has been the topic of several other reports. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, September 21st. Piper Sandler cut their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, ProFrac presently has an average rating of “Reduce” and an average target price of $4.50.

ProFrac Stock Performance

Shares of NASDAQ ACDC traded up $0.36 during mid-day trading on Monday, reaching $3.37. 795,174 shares of the company’s stock were exchanged, compared to its average volume of 1,446,157. The firm has a market capitalization of $613.03 million, a price-to-earnings ratio of -1.54 and a beta of 1.48. The firm has a 50-day moving average price of $4.58 and a two-hundred day moving average price of $5.51. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. ProFrac has a 52 week low of $2.66 and a 52 week high of $8.22.

ProFrac (NASDAQ:ACDC) last released its earnings results on Thursday, November 5th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.19). ProFrac had a negative net margin of 20.47% and a negative return on equity of 45.63%. The company had revenue of $511.10 million for the quarter, compared to the consensus estimate of $555.66 million. Analysts predict that ProFrac will post -1.34 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Wilks purchased 22,481 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $5.44 per share, with a total value of $122,296.64. Following the completion of the acquisition, the chief executive officer directly owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. The trade was a 4.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Dan H. Wilks purchased 30,820 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was bought at an average cost of $4.81 per share, with a total value of $148,244.20. Following the completion of the acquisition, the insider directly owned 88,107,422 shares of the company’s stock, valued at approximately $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,439,266 shares of company stock worth $6,954,703 over the last 90 days. Corporate insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

A number of institutional investors have recently added to or reduced their stakes in ACDC. Dimensional Fund Advisors LP boosted its stake in ProFrac by 156.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after purchasing an additional 238,210 shares during the period. Walleye Capital LLC increased its position in shares of ProFrac by 328.6% during the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after buying an additional 266,742 shares during the period. Bank of America Corp DE lifted its holdings in shares of ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after buying an additional 114,429 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of ProFrac in the first quarter worth about $872,000. Finally, Sei Investments Co. lifted its holdings in shares of ProFrac by 91.6% in the first quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after buying an additional 47,800 shares in the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.