ProFrac (NASDAQ:ACDC) Stock Gets Price Target Reduction from Morgan Stanley

ProFrac (NASDAQ:ACDC) had its price objective cut by Morgan Stanley from $4.50 to $4.00 in a report published on Monday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other equities research analysts have also recently issued reports on ACDC. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. Finally, Piper Sandler decreased their price objective on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, ProFrac presently has an average rating of “Reduce” and an average price target of $4.50.

ProFrac Stock Performance

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

ProFrac (NASDAQ:ACDC) last issued 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 company had revenue of $511.10 million for the quarter, compared to the consensus estimate of $555.66 million. As a group, analysts predict that ProFrac will post -1.34 EPS for the current fiscal year.

Insider Buying and Selling at ProFrac

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue increased its stake in ProFrac by 47.6% in the third quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock valued at $37,000 after purchasing an additional 2,795 shares in the last quarter. Allworth Financial LP raised its holdings in ProFrac by 88.8% in the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares during the period. AXQ Capital LP raised its holdings in ProFrac by 11.0% in the second 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. Bank of New York Mellon Corp boosted its position in shares of ProFrac by 17.0% during the first quarter. Bank of New York Mellon Corp now owns 79,914 shares of the company’s stock worth $495,000 after purchasing an additional 11,597 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of ProFrac during the second quarter worth $68,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

About ProFrac

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.