Bank of America Raises ProFrac (NASDAQ:ACDC) Price Target to $9.50

ProFrac (NASDAQ:ACDC) had its target price raised by Bank of America from $8.50 to $9.50 in a research report sent to investors on Monday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Separately, Stifel Nicolaus decreased their price objective on shares of ProFrac from $12.00 to $10.00 and set a buy rating for the company in a research note on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, ProFrac has an average rating of Hold and an average target price of $12.50.

ProFrac Trading Up 5.9 %

ProFrac stock opened at $7.93 on Monday. The company has a 50 day moving average price of $8.00 and a 200 day moving average price of $8.25. ProFrac has a 52 week low of $6.46 and a 52 week high of $14.32. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.98. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -14.96 and a beta of 0.71.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings data on Friday, March 15th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. The firm had revenue of $489.10 million during the quarter, compared to analyst estimates of $594.17 million. Research analysts forecast that ProFrac will post 0.88 EPS for the current year.

Institutional Investors Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in ProFrac by 624.4% in the 4th quarter. Barclays PLC now owns 35,582 shares of the company’s stock worth $302,000 after buying an additional 30,670 shares in the last quarter. Nuveen Asset Management LLC lifted its position in ProFrac by 13.2% in the 4th quarter. Nuveen Asset Management LLC now owns 71,629 shares of the company’s stock worth $607,000 after buying an additional 8,334 shares in the last quarter. First Financial Bankshares Inc purchased a new stake in ProFrac in the 4th quarter worth approximately $8,580,000. CastleKnight Management LP purchased a new stake in ProFrac in the 4th quarter worth approximately $956,000. Finally, Northern Trust Corp lifted its position in ProFrac by 11.6% in the 4th quarter. Northern Trust Corp now owns 304,258 shares of the company’s stock worth $2,580,000 after buying an additional 31,532 shares in the last quarter. 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.