Bank of America Boosts ProFrac (NASDAQ:ACDC) Price Target to $9.50

ProFrac (NASDAQ:ACDC) had its price target hoisted by Bank of America from $8.50 to $9.50 in a research report released on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Separately, Stifel Nicolaus lowered their target price on ProFrac from $12.00 to $10.00 and set a buy rating on the stock in a report on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $12.50.

ProFrac Trading Down 5.9 %

Shares of ProFrac stock opened at $7.49 on Monday. The stock has a market cap of $1.20 billion, a P/E ratio of -14.13 and a beta of 0.71. The stock’s 50 day simple moving average is $7.99 and its 200-day simple moving average is $8.25. ProFrac has a 1-year low of $6.46 and a 1-year high of $14.32. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 15th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.23). The company had revenue of $489.10 million for the quarter, compared to analyst estimates of $594.17 million. ProFrac had a positive return on equity of 3.04% and a negative net margin of 3.98%. Analysts predict that ProFrac will post 0.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Sandia Investment Management LP acquired a new position in ProFrac in the first quarter valued at approximately $32,000. Peoples Bank KS purchased a new stake in ProFrac in the third quarter valued at approximately $33,000. Tower Research Capital LLC TRC raised its position in ProFrac by 42.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock valued at $58,000 after purchasing an additional 2,034 shares during the period. Quarry LP purchased a new stake in ProFrac in the first quarter valued at approximately $68,000. Finally, Citigroup Inc. raised its position in ProFrac by 1,789.0% in the second quarter. Citigroup Inc. now owns 7,707 shares of the company’s stock valued at $86,000 after purchasing an additional 7,299 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.