ProFrac (NASDAQ:ACDC) Stock Gets Price Target Reduction from Piper Sandler

ProFrac (NASDAQ:ACDC) had its price objective reduced by Piper Sandler from $6.00 to $5.00 in a report issued on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research analysts have also weighed in on the company. Morgan Stanley decreased their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. One 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. Based on data from MarketBeat.com, ProFrac has a consensus rating of “Reduce” and a consensus target price of $4.50.

ProFrac Price Performance

Shares of NASDAQ ACDC opened at $3.43 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.90 and a debt-to-equity ratio of 1.45. The business’s 50 day moving average price is $4.49 and its two-hundred day moving average price is $5.48. The company has a market cap of $624.67 million, a PE ratio of -1.57 and a beta of 1.48. ProFrac has a twelve month low of $2.66 and a twelve month high of $8.22.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.19). ProFrac had a negative net margin of 20.47% and a negative return on equity of 47.13%. The business had revenue of $511.10 million during the quarter, compared to analyst estimates of $555.66 million. On average, analysts predict that ProFrac will post -1.34 EPS for the current year.

Insider Transactions at ProFrac

In related news, major shareholder Dan H. Wilks purchased 363,757 shares of the stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the acquisition, the insider directly owned 88,076,602 shares in the company, valued at $413,960,029.40. The trade was a 0.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Holdings Lp Thrc acquired 363,757 shares of the business’s stock in a transaction on Monday, August 24th. The shares were bought at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the completion of the transaction, the insider directly owned 83,785,415 shares of the company’s stock, valued at approximately $393,791,450.50. The trade was a 0.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 1,214,454 shares of company stock worth $5,731,726. 2.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in ProFrac by 156.5% during 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 during the last quarter. Walleye Capital LLC boosted its stake in ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after purchasing an additional 266,742 shares during the period. Bank of America Corp DE boosted its stake in ProFrac by 186.9% in the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after purchasing an additional 114,429 shares during the period. Renaissance Technologies LLC acquired a new position in ProFrac in the 1st quarter valued at $872,000. Finally, Sei Investments Co. grew its holdings in ProFrac by 91.6% in the 1st 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 in the last quarter. Institutional investors own 12.75% of the company’s stock.

ProFrac Company Profile

ProFrac Holding Corp. is an oilfield services company that supports onshore oil and natural gas producers, primarily in the United States. Its services focus on well completion, including hydraulic fracturing, which uses high-pressure fluid to help release hydrocarbons from underground formations. The company also provides wireline services used to prepare and monitor wells, and produces proppant and other materials used in completion operations. ProFrac’s business includes equipment and manufacturing capabilities that support its oilfield services operations.