ProFrac Holding Corp. (NASDAQ:ACDC) Receives $5.50 Average PT from Analysts

ProFrac Holding Corp. (NASDAQ:ACDC) has been assigned a consensus recommendation of “Reduce” from the five research firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $5.50.

ACDC has been the subject of several recent research reports. Wall Street Zen raised shares of ProFrac from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Morgan Stanley set a $5.00 price objective on shares of ProFrac in a research note on Wednesday, July 15th. Piper Sandler upped their price objective on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th.

ProFrac Trading Down 7.7%

Shares of NASDAQ ACDC opened at $4.70 on Friday. The business has a 50 day simple moving average of $5.16 and a 200 day simple moving average of $5.90. ProFrac has a 52 week low of $3.08 and a 52 week high of $8.22. The stock has a market cap of $855.96 million, a price-to-earnings ratio of -2.02 and a beta of 1.46. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Insider Transactions at ProFrac

In related news, CEO Matthew Wilks purchased 22,481 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was bought at an average price of $5.44 per share, for a total transaction of $122,296.64. Following the purchase, the chief executive officer owned 502,097 shares in the company, valued at $2,731,407.68. The trade was a 4.69% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Dan H. Wilks acquired 202,331 shares of the stock in a transaction dated 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 owned 87,500,195 shares in the company, valued at $476,001,060.80. The trade was a 0.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 800,000 shares of company stock valued at $4,018,391 in the last ninety days. Insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of ProFrac by 156.5% in the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after buying an additional 238,210 shares during the last quarter. Walleye Capital LLC grew its stake in ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after buying an additional 266,742 shares during the last quarter. Renaissance Technologies LLC acquired a new position in ProFrac in the 1st quarter valued at $872,000. BNP Paribas Financial Markets grew its stake in ProFrac by 389.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after buying an additional 4,871 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in ProFrac in the 4th quarter worth $47,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

About ProFrac

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.