Zacks Research Upgrades ProFrac (NASDAQ:ACDC) to “Hold”

ProFrac (NASDAQ:ACDC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the company. Morgan Stanley reissued an “underweight” rating and issued a $4.00 price target on shares of ProFrac in a research report on Wednesday. Piper Sandler decreased their price target on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $5.38.

ProFrac Stock Up 2.1%

Shares of NASDAQ:ACDC opened at $5.24 on Wednesday. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. The stock has a market cap of $947.76 million, a P/E ratio of -2.56 and a beta of 1.69. The business’s 50 day moving average is $4.01 and its 200 day moving average is $4.66. ProFrac has a 52-week low of $3.08 and a 52-week high of $10.70.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17). The business had revenue of $403.10 million for the quarter, compared to the consensus estimate of $412.00 million. ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. Sell-side analysts predict that ProFrac will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. First Financial Bankshares Inc boosted its position in ProFrac by 30.1% in the third quarter. First Financial Bankshares Inc now owns 4,204,795 shares of the company’s stock valued at $15,558,000 after buying an additional 973,062 shares during the last quarter. UBS Group AG boosted its holdings in shares of ProFrac by 1,862.8% in the 3rd quarter. UBS Group AG now owns 705,568 shares of the company’s stock valued at $2,611,000 after acquiring an additional 669,621 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of ProFrac in the third quarter worth $2,377,000. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of ProFrac by 27.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock worth $5,494,000 after purchasing an additional 322,860 shares during the last quarter. Finally, Millennium Management LLC lifted its position in ProFrac by 293.4% during the third quarter. Millennium Management LLC now owns 317,446 shares of the company’s stock valued at $1,175,000 after purchasing an additional 236,756 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.