ProFrac (NASDAQ:ACDC) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of ProFrac (NASDAQ:ACDC) from a hold rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

Several other research analysts have also commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. Morgan Stanley decreased their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, ProFrac currently has an average rating of “Reduce” and a consensus price target of $4.50.

ProFrac Price Performance

ProFrac stock opened at $3.42 on Friday. ProFrac has a 52 week low of $2.66 and a 52 week high of $8.22. The business has a 50-day simple moving average of $4.55 and a 200 day simple moving average of $5.50. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The stock has a market cap of $622.85 million, a price-to-earnings ratio of -1.57 and a beta of 1.48.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Thursday, November 5th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.19). ProFrac had a negative return on equity of 45.18% and a negative net margin of 22.83%. The business had revenue of $511.10 million during the quarter, compared to the consensus estimate of $555.66 million. On average, research analysts forecast that ProFrac will post -1.34 earnings per share for the current fiscal year.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 30,820 shares of ProFrac stock in a transaction 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 completion of the transaction, the insider directly owned 83,816,235 shares of the company’s stock, valued at approximately $403,156,090.35. The trade was a 0.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Dan H. Wilks purchased 30,820 shares of the firm’s stock in a transaction 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 completion of the purchase, the insider directly owned 88,107,422 shares of the company’s stock, valued at approximately $423,796,699.82. This represents a 0.03% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 1,214,454 shares of company stock valued at $5,731,726. 2.23% of the stock is owned by insiders.

Hedge Funds Weigh In On ProFrac

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in 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 purchasing an additional 238,210 shares during the last quarter. Walleye Capital LLC grew its stake in shares of ProFrac by 328.6% during the first 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. Bank of America Corp DE grew its stake in shares of ProFrac by 186.9% during the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after buying an additional 114,429 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of ProFrac in the first quarter worth about $872,000. Finally, Sei Investments Co. increased its holdings in shares of ProFrac by 91.6% in the first quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after buying an additional 47,800 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

About ProFrac

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.