ProFrac Holding Corp. (NASDAQ:ACDC) Stock Has Average Price Target of $5.25

ProFrac Holding Corp. (NASDAQ:ACDC) has received an average recommendation of “Reduce” from the five brokerages that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $5.25.

A number of equities analysts have recently commented on the stock. Morgan Stanley decreased their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Finally, Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th.

Insider Activity

In related news, CEO Matthew Wilks acquired 22,481 shares of ProFrac stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average cost of $5.44 per share, with a total value of $122,296.64. Following the completion of the purchase, the chief executive officer owned 502,097 shares of the company’s stock, valued at $2,731,407.68. This represents a 4.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dan H. Wilks bought 30,820 shares of the stock in a transaction dated Tuesday, August 25th. The stock was bought at an average cost of $4.81 per share, with a total value of $148,244.20. Following the purchase, the insider owned 88,107,422 shares in the company, valued at $423,796,699.82. The trade was a 0.03% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 2,014,454 shares of company stock valued at $9,750,117. Corporate insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ACDC. State of Alaska Department of Revenue boosted its position in ProFrac by 47.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,662 shares of the company’s stock valued at $37,000 after buying an additional 2,795 shares during the period. Integrated Wealth Concepts LLC bought a new stake in ProFrac during the second quarter valued at about $68,000. Allworth Financial LP increased its stake in shares of ProFrac by 88.8% in 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 in the last quarter. Corient Private Wealth LP purchased a new stake in shares of ProFrac during the second quarter worth about $368,000. Finally, AXQ Capital LP lifted its holdings in ProFrac by 11.0% in the 2nd 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. 12.75% of the stock is owned by hedge funds and other institutional investors.

ProFrac Trading Down 10.5%

NASDAQ:ACDC opened at $4.37 on Thursday. ProFrac has a 1 year low of $3.08 and a 1 year high of $8.22. The stock’s fifty day moving average price is $4.69 and its two-hundred day moving average price is $5.53. 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 cap of $795.86 million, a P/E ratio of -1.88 and a beta of 1.52.

ProFrac Company Profile

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.