ProFrac (NASDAQ:ACDC) Trading 7.8% Higher After Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC) was up 7.8% during trading on Tuesday after Morgan Stanley raised their price target on the stock from $4.00 to $5.00. Morgan Stanley currently has an underweight rating on the stock. ProFrac traded as high as $6.82 and last traded at $6.6820. Approximately 480,019 shares were traded during trading, a decline of 63% from the average daily volume of 1,307,881 shares. The stock had previously closed at $6.20.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after acquiring an additional 3,476 shares during the period. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the 2nd quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ProFrac in the 3rd quarter valued at about $45,000. Price T Rowe Associates Inc. MD acquired a new position in shares of ProFrac in the 4th quarter valued at about $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of ProFrac during the 4th quarter worth about $47,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Stock Performance

The stock’s 50-day moving average is $5.38 and its 200-day moving average is $4.49. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.08. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -3.06 and a beta of 1.70.

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

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.