ProFrac (NASDAQ:ACDC) Stock Rating Raised 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,Wall Street Zen reports.

Other research analysts have also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, September 21st. Morgan Stanley cut their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $5.25.

ProFrac Stock Performance

Shares of ProFrac stock opened at $4.58 on Friday. The firm has a market cap of $834.11 million, a PE ratio of -1.97 and a beta of 1.52. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. ProFrac has a 52 week low of $3.08 and a 52 week high of $8.22. The business’s fifty day simple moving average is $4.75 and its 200-day simple moving average is $5.78.

Insider Buying and Selling at ProFrac

In related news, major shareholder Dan H. Wilks acquired 517,669 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the completion of the transaction, the insider owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. The trade was a 0.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 363,757 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was bought at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the completion of the acquisition, the insider owned 83,785,415 shares of the company’s stock, valued at $393,791,450.50. This trade represents a 0.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 2,014,454 shares of company stock valued at $9,750,117 in the last 90 days. Company insiders own 2.23% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several large investors have recently bought and sold shares of the stock. Allworth Financial LP grew its holdings in shares of ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares during the last quarter. AXQ Capital LP increased its position in shares of ProFrac by 11.0% during the second quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock worth $263,000 after purchasing an additional 4,487 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of ProFrac by 17.0% in the 1st quarter. Bank of New York Mellon Corp now owns 79,914 shares of the company’s stock valued at $495,000 after purchasing an additional 11,597 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of ProFrac in the 2nd quarter valued at about $68,000. Finally, SG Americas Securities LLC acquired a new stake in shares of ProFrac in the 1st quarter valued at about $86,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Company Profile

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other completion services to oil and natural gas producers. Its operations support the development of unconventional wells, where specialized equipment and high-pressure pumping are used to stimulate underground formations and improve hydrocarbon recovery.

The company operates an integrated business model spanning stimulation services, proppant production and manufacturing. Its offerings include hydraulic fracturing, well stimulation, frac sand and other proppants, logistics and related equipment manufacturing, maintenance and repair services.