Brokerages Set ProFrac Holding Corp. (NASDAQ:ACDC) Price Target at $5.25

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have been given a consensus rating of “Reduce” by the five research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $5.25.

Several analysts have recently issued reports on ACDC shares. Morgan Stanley decreased their price target on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Piper Sandler boosted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Finally, Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a research report on Saturday.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 30,820 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were acquired at an average cost of $4.81 per share, for a total transaction of $148,244.20. Following the purchase, the insider owned 83,816,235 shares of the company’s stock, valued at $403,156,090.35. This represents a 0.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Wilks bought 22,481 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the acquisition, the chief executive officer directly owned 502,097 shares in the company, valued at approximately $2,731,407.68. This trade represents a 4.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is 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. EverSource Wealth Advisors LLC increased its stake in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares during the period. Raymond James Financial Inc. acquired a new stake in ProFrac in the 2nd quarter valued at approximately $29,000. Allworth Financial LP grew its holdings in ProFrac by 88.8% in the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after buying an additional 3,131 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in ProFrac in the 3rd quarter worth approximately $45,000. Finally, Price T Rowe Associates Inc. MD bought a new position in ProFrac in the 4th quarter worth approximately $46,000. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Trading Up 0.4%

ProFrac stock opened at $5.21 on Wednesday. ProFrac has a one year low of $3.08 and a one year high of $8.22. The company’s fifty day moving average price is $4.81 and its two-hundred day moving average price is $5.86. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. The company has a market capitalization of $948.85 million, a price-to-earnings ratio of -2.24 and a beta of 1.49.

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.