ProFrac (NASDAQ:ACDC) PT Lowered to $9.00

ProFrac (NASDAQ:ACDC) had its price target dropped by Piper Sandler from $11.00 to $9.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 5.88% from the company’s previous close.

Separately, Bank of America raised their price objective on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Monday, April 15th.

ProFrac Stock Performance

Shares of ProFrac stock opened at $8.50 on Monday. The firm has a fifty day moving average of $8.25 and a two-hundred day moving average of $7.96. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -9.14 and a beta of 0.86. ProFrac has a 52 week low of $6.46 and a 52 week high of $14.23. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 1.07.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Friday, May 10th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $581.50 million for the quarter, compared to the consensus estimate of $587.60 million. ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. As a group, equities research analysts predict that ProFrac will post 0.58 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Farris Wilks bought 330,000 shares of the stock in a transaction on Thursday, April 25th. The stock was purchased at an average price of $22.08 per share, for a total transaction of $7,286,400.00. Following the acquisition, the insider now owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Farris Wilks bought 330,000 shares of the stock in a transaction on Thursday, April 25th. The stock was purchased at an average price of $22.08 per share, for a total transaction of $7,286,400.00. Following the acquisition, the insider now owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Holdings Lp Thrc bought 440,217 shares of the stock in a transaction on Tuesday, May 28th. The shares were purchased at an average price of $9.49 per share, with a total value of $4,177,659.33. Following the acquisition, the insider now owns 75,640,762 shares in the company, valued at approximately $717,830,831.38. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 964,678 shares of company stock worth $13,268,657. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently modified their holdings of ACDC. Tower Research Capital LLC TRC grew its holdings in shares of ProFrac by 42.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock valued at $58,000 after acquiring an additional 2,034 shares in the last quarter. Delta Investment Management LLC grew its holdings in shares of ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares in the last quarter. Jump Financial LLC bought a new position in shares of ProFrac in the 4th quarter valued at about $179,000. Aristides Capital LLC bought a new position in shares of ProFrac in the 4th quarter valued at about $279,000. Finally, Quest Partners LLC bought a new position in shares of ProFrac in the 4th quarter valued at about $356,000. Institutional investors own 12.75% of the company’s stock.

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.