ProFrac (NASDAQ:ACDC) PT Lowered to $8.50

ProFrac (NASDAQ:ACDC) had its price objective decreased by Bank of America from $9.50 to $8.50 in a research note issued to investors on Monday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Separately, Piper Sandler cut their price objective on ProFrac from $11.00 to $9.00 and set an overweight rating for the company in a research report on Monday.

ProFrac Price Performance

ProFrac stock opened at $8.16 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.07 and a quick ratio of 0.71. The company has a market capitalization of $1.31 billion, a PE ratio of -8.77 and a beta of 0.86. ProFrac has a one year low of $6.46 and a one year high of $14.23. The business has a 50 day simple moving average of $8.28 and a 200 day simple moving average of $7.97.

ProFrac (NASDAQ:ACDC) last posted its earnings results 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 during 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%. On average, sell-side analysts forecast that ProFrac will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 194,461 shares of the stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $9.28 per share, with a total value of $1,804,598.08. Following the purchase, the insider now owns 74,935,006 shares of the company’s stock, valued at $695,396,855.68. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Holdings Lp Thrc bought 194,461 shares of the stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $9.28 per share, with a total value of $1,804,598.08. Following the purchase, the insider now owns 74,935,006 shares of the company’s stock, valued at $695,396,855.68. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Farris Wilks bought 330,000 shares of the stock in a transaction dated Thursday, April 25th. The stock was purchased at an average cost of $22.08 per share, with a total value of $7,286,400.00. Following the completion of the purchase, the insider now directly owns 58,541,444 shares in the company, valued at approximately $1,292,595,083.52. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 964,678 shares of company stock worth $13,268,657. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in ACDC. First Financial Bankshares Inc acquired a new stake in shares of ProFrac during the fourth quarter worth $8,580,000. Russell Investments Group Ltd. grew its stake in shares of ProFrac by 712.8% during the fourth quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after purchasing an additional 130,757 shares during the period. CastleKnight Management LP acquired a new stake in shares of ProFrac during the fourth quarter worth $956,000. Virtu Financial LLC acquired a new stake in shares of ProFrac during the first quarter worth $401,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of ProFrac during the first quarter worth $357,000. 12.75% of the stock is owned by institutional investors and hedge funds.

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.