ProFrac Holding Corp. (NASDAQ:ACDC) Receives $5.50 Average Price Target from Brokerages

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have earned a consensus rating of “Reduce” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $5.50.

ACDC has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Morgan Stanley set a $5.00 price target on shares of ProFrac in a research report on Wednesday, July 15th. Wall Street Zen raised shares of ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Piper Sandler raised their price objective on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th.

Insider Buying and Selling at ProFrac

In other ProFrac news, CEO Matthew Wilks purchased 57,519 shares of the business’s stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $4.86 per share, for a total transaction of $279,542.34. Following the purchase, the chief executive officer owned 479,616 shares of the company’s stock, valued at approximately $2,330,933.76. This represents a 13.63% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Dan H. Wilks purchased 517,669 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were acquired at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the acquisition, the insider owned 87,297,864 shares of the company’s stock, valued at approximately $424,267,619.04. This trade represents a 0.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 800,000 shares of company stock valued at $4,018,391 in the last ninety days. 2.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the period. Raymond James Financial Inc. purchased a new position in ProFrac in the 2nd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in ProFrac in the 3rd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD bought a new position in ProFrac in the 4th quarter worth approximately $46,000. Finally, The Manufacturers Life Insurance Company bought a new position in ProFrac in the 4th quarter worth approximately $47,000. Institutional investors own 12.75% of the company’s stock.

ProFrac Stock Performance

NASDAQ:ACDC opened at $5.28 on Friday. The stock has a 50-day simple moving average of $5.25 and a two-hundred day simple moving average of $5.91. ProFrac has a 52-week low of $3.08 and a 52-week high of $8.22. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. The firm has a market capitalization of $961.59 million, a PE ratio of -2.27 and a beta of 1.46.

ProFrac Company Profile

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.