ProFrac (NASDAQ:ACDC) Stock Rating Lowered by Wall Street Zen

ProFrac (NASDAQ:ACDC) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Sunday.

Other equities analysts have also recently issued reports about the company. Morgan Stanley reduced their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Thursday, August 20th. Piper Sandler increased their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $5.25.

ProFrac Trading Down 0.2%

NASDAQ:ACDC opened at $4.82 on Friday. The company has a market cap of $877.83 million, a PE ratio of -2.07 and a beta of 1.46. The business’s 50 day moving average is $5.01 and its two-hundred day moving average is $5.89. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. ProFrac has a 52 week low of $3.08 and a 52 week high of $8.22.

Insiders Place Their Bets

In related news, CEO Matthew Wilks bought 57,519 shares of the company’s stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, with a total value of $279,542.34. Following the completion of the transaction, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This represents a 13.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Dan H. Wilks bought 517,669 shares of the business’s stock in a transaction on Monday, August 10th. The stock was bought at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the purchase, the insider directly owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. The trade was a 0.60% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 800,000 shares of company stock valued at $4,018,391. 2.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.