Morgan Stanley Cuts ProFrac (NASDAQ:ACDC) Price Target to $4.50

ProFrac (NASDAQ:ACDC) had its target price lowered by Morgan Stanley from $5.00 to $4.50 in a report released on Thursday,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other research analysts have also commented on the stock. Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Piper Sandler lifted their price objective on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ProFrac presently has an average rating of “Reduce” and an average target price of $5.25.

ProFrac Price Performance

NASDAQ ACDC opened at $4.83 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $879.64 million, a PE ratio of -2.07 and a beta of 1.46. The company has a 50 day moving average price of $5.05 and a two-hundred day moving average price of $5.89. ProFrac has a 12-month low of $3.08 and a 12-month high of $8.22.

Insider Transactions at ProFrac

In related news, CEO Matthew Wilks bought 22,481 shares of the company’s 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 transaction, the chief executive officer owned 502,097 shares of the company’s stock, valued at $2,731,407.68. The trade was a 4.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Dan H. Wilks acquired 202,331 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were bought at an average price of $5.44 per share, for a total transaction of $1,100,680.64. Following the acquisition, the insider owned 87,500,195 shares in the company, valued at approximately $476,001,060.80. This trade represents a 0.23% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 800,000 shares of company stock valued at $4,018,391 over the last 90 days. Corporate insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the period. Raymond James Financial Inc. bought a new stake in ProFrac in the second quarter valued at $29,000. BNP Paribas Financial Markets grew its position in ProFrac by 389.4% in the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after acquiring an additional 4,871 shares during the period. Tower Research Capital LLC TRC raised its stake in ProFrac by 822.3% during the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after acquiring an additional 10,016 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in ProFrac during the fourth quarter worth $46,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.