ProFrac (NASDAQ:ACDC) Trading Up 7.8% After Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price was up 7.8% on Tuesday after Morgan Stanley raised their price target on the stock from $4.00 to $5.00. Morgan Stanley currently has an underweight rating on the stock. ProFrac traded as high as $6.82 and last traded at $6.6820. Approximately 480,019 shares changed hands during trading, a decline of 63% from the average daily volume of 1,307,881 shares. The stock had previously closed at $6.20.

Several other equities research analysts also recently weighed in on the company. Zacks Research raised ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. UBS Group restated a “positive” rating on shares of ProFrac in a report on Thursday, March 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $5.63.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its holdings in 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 acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of ProFrac in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of ProFrac during the third quarter worth about $45,000. Price T Rowe Associates Inc. MD bought a new position in shares of ProFrac during the fourth quarter worth about $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ProFrac in the fourth quarter worth about $47,000. 12.75% of the stock is currently owned by institutional investors.

ProFrac Stock Performance

The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.56. The stock has a market capitalization of $1.22 billion, a P/E ratio of -3.06 and a beta of 1.70. The company has a fifty day moving average of $5.38 and a two-hundred day moving average of $4.49.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 13th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.07). ProFrac had a negative return on equity of 33.18% and a negative net margin of 18.97%.The firm had revenue of $436.50 million during the quarter, compared to analyst estimates of $402.95 million. On average, equities analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current year.

ProFrac Company Profile

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.