ProFrac (NASDAQ:ACDC) Rating Lowered to Hold at Stifel Nicolaus

ProFrac (NASDAQ:ACDC) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, FinViz reports. They currently have a $7.00 target price on the stock. Stifel Nicolaus’ price target indicates a potential downside of 4.76% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Piper Sandler cut their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Bank of America cut their target price on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th.

ProFrac Price Performance

ACDC opened at $7.35 on Friday. ProFrac has a twelve month low of $5.59 and a twelve month high of $10.14. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -5.53 and a beta of 0.81. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $6.66 and a 200 day simple moving average of $7.65.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The business had revenue of $579.40 million for the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. Equities research analysts expect that ProFrac will post -0.13 EPS for the current fiscal year.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 130,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $6.49 per share, with a total value of $843,700.00. Following the completion of the acquisition, the insider now directly owns 76,800,545 shares in the company, valued at $498,435,537.05. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have bought 1,933,600 shares of company stock valued at $12,207,161. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new position in shares of ProFrac during the second quarter valued at $44,000. Delta Investment Management LLC grew its position in ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after purchasing an additional 5,000 shares during the last quarter. Squarepoint Ops LLC bought a new position in ProFrac in the 2nd quarter worth about $150,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of ProFrac in the first quarter valued at approximately $357,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of ProFrac during the second quarter valued at approximately $365,000. 12.75% of the stock is currently 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.