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

Wall Street Zen lowered shares of ProFrac (NASDAQ:ACDC) from a hold rating to a sell rating in a research note released on Sunday.

Several other equities analysts have also weighed in on the company. Morgan Stanley cut 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. Piper Sandler upped their price target on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, ProFrac currently has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Down 3.1%

ACDC stock opened at $4.67 on Friday. The firm has a market cap of $850.50 million, a PE ratio of -2.00 and a beta of 1.46. ProFrac has a 1 year low of $3.08 and a 1 year high of $8.22. The company has a fifty day simple moving average of $4.97 and a 200 day simple moving average of $5.89. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Dan H. Wilks purchased 202,331 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were bought at an average cost of $5.44 per share, with a total value of $1,100,680.64. Following the transaction, the insider directly owned 87,500,195 shares in the company, valued at approximately $476,001,060.80. This represents a 0.23% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew Wilks purchased 22,481 shares of the business’s stock in a transaction dated 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 acquisition, the chief executive officer owned 502,097 shares of the company’s stock, valued at approximately $2,731,407.68. The trade was a 4.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In 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 corporate insiders.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC boosted its holdings in ProFrac by 7,241.7% in the 2nd 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 shares of ProFrac during the 2nd quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of ProFrac during the 3rd quarter worth about $45,000. Price T Rowe Associates Inc. MD acquired a new position in shares of ProFrac during the fourth quarter valued at about $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of ProFrac during the fourth quarter valued at about $47,000. Institutional investors 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.