ProFrac (NASDAQ:ACDC) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of ProFrac (NASDAQ:ACDC) from a hold rating to a sell rating in a report released on Sunday,Wall Street Zen reports.

Several other equities analysts also recently weighed in on ACDC. Morgan Stanley dropped their target price on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, ProFrac presently has an average rating of “Reduce” and a consensus target price of $5.25.

ProFrac Stock Down 4.8%

ACDC opened at $4.72 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. The company has a market cap of $859.61 million, a price-to-earnings ratio of -2.03 and a beta of 1.49. ProFrac has a one year low of $3.08 and a one year high of $8.22. The business’s fifty day moving average is $4.80 and its two-hundred day moving average is $5.86.

Insiders Place Their Bets

In other news, CEO Matthew Wilks acquired 22,481 shares of ProFrac stock in a transaction that occurred on Tuesday, August 11th. The shares were acquired at an average price of $5.44 per share, with a total value of $122,296.64. Following the completion of the purchase, the chief executive officer owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. This represents a 4.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dan H. Wilks bought 30,820 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were purchased at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the transaction, the insider owned 88,107,422 shares of the company’s stock, valued at $423,796,699.82. The trade was a 0.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 2,014,454 shares of company stock valued at $9,750,117 in the last ninety days. Insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in ProFrac by 88.8% in the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after acquiring an additional 3,131 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of ProFrac in the 2nd quarter valued at about $68,000. SG Americas Securities LLC acquired a new position in shares of ProFrac in the 1st quarter valued at about $86,000. Alpine Global Management LLC purchased a new stake in shares of ProFrac during the 4th quarter worth about $88,000. Finally, AXQ Capital LP grew its holdings in shares of ProFrac by 11.0% during the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock worth $263,000 after purchasing an additional 4,487 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

About ProFrac

ProFrac Holding Corp. (NASDAQ: ACDC) is an energy services company that provides hydraulic fracturing and other well-completion services to oil and natural gas exploration and production companies. Its services are used primarily during the development of unconventional wells, including shale and tight-oil formations.

The company operates a vertically integrated business that includes stimulation services, proppant production and equipment manufacturing. Its offerings include hydraulic fracturing fleets, frac sand and other proppants, well-completion chemicals, and related equipment and services designed to support the drilling and completion process.

ProFrac serves customers in major U.S.