ProFrac (NASDAQ:ACDC) Stock Moved Down to “Sell” by Wall Street Zen

Wall Street Zen downgraded shares of ProFrac (NASDAQ:ACDC) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Other equities analysts have also issued research reports about the company. Morgan Stanley cut their price target on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Thursday, August 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $5.25.

ProFrac Trading Up 5.4%

Shares of NASDAQ ACDC opened at $4.07 on Friday. ProFrac has a twelve month low of $3.08 and a twelve month high of $8.22. The firm has a market cap of $741.24 million, a PE ratio of -1.75 and a beta of 1.52. The business has a fifty day simple moving average of $4.72 and a two-hundred day simple moving average of $5.57. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Insider Buying and Selling at ProFrac

In related news, CEO Matthew Wilks acquired 22,481 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average cost of $5.44 per share, for a total transaction of $122,296.64. Following the purchase, the chief executive officer directly owned 502,097 shares of the company’s stock, valued at $2,731,407.68. This trade represents a 4.69% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Holdings Lp Thrc acquired 30,820 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average cost of $4.81 per share, for a total transaction of $148,244.20. Following the transaction, the insider owned 83,816,235 shares of the company’s stock, valued at $403,156,090.35. This represents a 0.04% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 2,014,454 shares of company stock valued at $9,750,117. 2.23% of the stock is currently owned by corporate insiders.

Institutional Trading of ProFrac

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of 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 in the last quarter. Walleye Capital LLC increased its position in ProFrac by 328.6% during the 1st 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 in the last quarter. Bank of America Corp DE raised its stake in ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after buying an additional 114,429 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in ProFrac in the first quarter valued at about $872,000. Finally, Sei Investments Co. raised its stake in ProFrac by 91.6% in the first quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after buying an additional 47,800 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.

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.