ProFrac (NASDAQ:ACDC) Stock Rating Lowered by Wall Street Zen

ProFrac (NASDAQ:ACDC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday, Wall Street Zen reports.

ACDC has been the subject of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Morgan Stanley decreased their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $5.25.

ProFrac Stock Up 11.1%

Shares of ACDC opened at $3.01 on Friday. ProFrac has a 52-week low of $2.66 and a 52-week high of $8.22. The company has a market capitalization of $548.18 million, a PE ratio of -1.38 and a beta of 1.48. 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 fifty day simple moving average of $4.58 and a two-hundred day simple moving average of $5.51.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.19). ProFrac had a negative return on equity of 45.18% and a negative net margin of 22.83%. The company had revenue of $511.10 million for the quarter, compared to the consensus estimate of $555.66 million. As a group, equities analysts forecast that ProFrac will post -1.34 EPS for the current year.

Insider Activity at ProFrac

In other news, CEO Matthew Wilks purchased 22,481 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was acquired at an average cost 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 in the company, valued at $2,731,407.68. This represents a 4.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Dan H. Wilks acquired 30,820 shares of the stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average cost of $4.81 per share, with a total value of $148,244.20. Following the completion of the transaction, the insider owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. This represents a 0.03% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 2,014,454 shares of company stock valued at $9,750,117. 2.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProFrac

A number of hedge funds have recently added to or reduced their stakes in ACDC. State of Alaska Department of Revenue boosted 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 worth $37,000 after buying an additional 2,795 shares in the last quarter. Allworth Financial LP grew its position in ProFrac by 88.8% during the 2nd 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. Integrated Wealth Concepts LLC purchased a new stake in ProFrac in the 2nd quarter valued at about $68,000. SG Americas Securities LLC acquired a new stake in shares of ProFrac in the first quarter valued at approximately $86,000. Finally, AXQ Capital LP raised its position in shares of ProFrac by 11.0% during the 2nd 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 last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Company Profile

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.