ProFrac (NASDAQ:ACDC) Downgraded by Wall Street Zen to “Sell”

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

Several other analysts have also recently weighed in on ACDC. Morgan Stanley lowered 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Monday, September 21st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, ProFrac has a consensus rating of “Reduce” and an average price target of $5.25.

ProFrac Stock Performance

ACDC stock opened at $3.01 on Friday. The business has a 50 day moving average of $4.58 and a 200-day moving average of $5.51. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. ProFrac has a 12-month low of $2.66 and a 12-month high of $8.22. The firm has a market cap of $548.18 million, a PE ratio of -1.38 and a beta of 1.48.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.19). The business had revenue of $511.10 million during the quarter, compared to the consensus estimate of $555.66 million. ProFrac had a negative net margin of 20.47% and a negative return on equity of 45.63%. As a group, sell-side analysts expect that ProFrac will post -1.34 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In other ProFrac news, CEO Matthew Wilks bought 57,519 shares of ProFrac stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, with a total value of $279,542.34. Following the transaction, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at $2,330,933.76. This represents a 13.63% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings Lp Thrc purchased 363,757 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the completion of the purchase, the insider owned 83,785,415 shares in the company, valued at $393,791,450.50. This represents a 0.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 2,014,454 shares of company stock valued at $9,750,117. 2.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProFrac

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in ProFrac by 156.5% in the 1st 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 period. Walleye Capital LLC lifted its stake in shares of ProFrac by 328.6% during the 1st 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 in the last quarter. Bank of America Corp DE lifted its position in shares of ProFrac by 186.9% in the first quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after acquiring an additional 114,429 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of ProFrac in the first quarter valued at about $872,000. Finally, Sei Investments Co. raised its stake in ProFrac by 91.6% during the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after purchasing an additional 47,800 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.