ProFrac (NASDAQ:ACDC) Price Target Raised to $5.00

ProFrac (NASDAQ:ACDC) had its price objective lifted by equities research analysts at Morgan Stanley from $4.00 to $5.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price target would indicate a potential downside of 25.76% from the stock’s current price.

Several other brokerages have also recently commented on ACDC. UBS Group reissued a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Zacks Research raised shares of ProFrac from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $5.63.

ProFrac Stock Up 8.6%

Shares of NASDAQ:ACDC traded up $0.54 during midday trading on Tuesday, hitting $6.74. 286,272 shares of the stock were exchanged, compared to its average volume of 1,305,787. The company has a market capitalization of $1.22 billion, a PE ratio of -3.05 and a beta of 1.70. ProFrac has a 52-week low of $3.08 and a 52-week high of $10.70. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.56 and a current ratio of 0.81. The business’s fifty day simple moving average is $5.38 and its two-hundred day simple moving average is $4.49.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 13th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). ProFrac had a negative net margin of 18.97% and a negative return on equity of 33.18%. The firm had revenue of $436.50 million during the quarter, compared to analysts’ expectations of $402.95 million. As a group, research analysts predict that ProFrac will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of ProFrac

A number of institutional investors and hedge funds have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC boosted its stake in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of ProFrac in the 2nd quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in ProFrac in the 3rd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD acquired a new stake in ProFrac in the 4th quarter worth approximately $46,000. Finally, The Manufacturers Life Insurance Company bought a new stake in ProFrac during the fourth quarter worth approximately $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.