ProFrac (NASDAQ:ACDC) Given New $5.00 Price Target at Piper Sandler

ProFrac (NASDAQ:ACDC) had its target price dropped by Piper Sandler from $6.00 to $5.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler‘s price objective points to a potential upside of 50.88% from the company’s previous close.

A number of other equities research analysts also recently commented on the company. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Monday, September 21st. Finally, Morgan Stanley reduced their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $4.75.

ProFrac Price Performance

Shares of NASDAQ ACDC traded up $0.30 during midday trading on Monday, reaching $3.31. The company’s stock had a trading volume of 460,720 shares, compared to its average volume of 1,444,618. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The company has a 50 day moving average price of $4.58 and a 200 day moving average price of $5.51. ProFrac has a one year low of $2.66 and a one year high of $8.22. The company has a market cap of $603.56 million, a price-to-earnings ratio of -1.52 and a beta of 1.48.

ProFrac (NASDAQ:ACDC) last released its earnings results on Thursday, November 5th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.19). The business had revenue of $511.10 million for the quarter, compared to analyst estimates of $555.66 million. ProFrac had a negative net margin of 20.47% and a negative return on equity of 45.63%. On average, equities research analysts expect that ProFrac will post -1.34 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc bought 363,757 shares of the business’s stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the purchase, the insider directly owned 83,785,415 shares in the company, valued at $393,791,450.50. This trade represents a 0.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Dan H. Wilks bought 363,757 shares of the business’s stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $1,709,657.90. Following the completion of the purchase, the insider owned 88,076,602 shares in the company, valued at approximately $413,960,029.40. This trade represents a 0.41% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 1,439,266 shares of company stock worth $6,954,703. Corporate insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue raised its position in ProFrac by 47.6% during the third 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 acquired a new stake in ProFrac during the 2nd quarter worth about $68,000. Allworth Financial LP grew its stake in ProFrac by 88.8% during the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after acquiring an additional 3,131 shares in the last quarter. Corient Private Wealth LP purchased a new position in ProFrac during the 2nd quarter valued at about $368,000. Finally, AXQ Capital LP grew its stake in ProFrac by 11.0% during the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock valued at $263,000 after acquiring an additional 4,487 shares in the last quarter. 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.