ProFrac (NASDAQ:ACDC) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of ProFrac (NASDAQ:ACDC) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Several other research analysts have also issued reports on ACDC. Piper Sandler increased their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 price objective on shares of ProFrac in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $5.50.

ProFrac Trading Up 2.1%

Shares of ACDC stock opened at $5.37 on Friday. The company has a market cap of $978.00 million, a P/E ratio of -2.30 and a beta of 1.46. The stock has a 50 day simple moving average of $5.29 and a two-hundred day simple moving average of $5.90. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac has a fifty-two week low of $3.08 and a fifty-two week high of $8.22.

Insider Activity at ProFrac

In other news, major shareholder Dan H. Wilks bought 202,331 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were bought at an average cost of $5.44 per share, for a total transaction of $1,100,680.64. Following the acquisition, the insider directly owned 87,500,195 shares in the company, valued at approximately $476,001,060.80. This trade represents a 0.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Wilks purchased 22,481 shares of ProFrac stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average cost of $5.44 per share, with a total value of $122,296.64. Following the transaction, the chief executive officer owned 502,097 shares in the company, valued at $2,731,407.68. This trade represents a 4.69% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 800,000 shares of company stock valued at $4,018,391. Corporate insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares during the last quarter. Raymond James Financial Inc. bought a new position in ProFrac in the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets boosted its stake in ProFrac by 389.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after purchasing an additional 4,871 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in ProFrac by 822.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after purchasing an additional 10,016 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in ProFrac during the 4th quarter worth approximately $46,000. 12.75% of the stock is owned by 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.