ProFrac (NASDAQ:ACDC) Rating Lowered to Underperform at Bank of America

ProFrac (NASDAQ:ACDC) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Wednesday,Finviz reports. They presently have a $6.50 price objective on the stock. Bank of America‘s price objective indicates a potential downside of 21.02% from the company’s previous close.

Several other brokerages also recently weighed in on ACDC. Wall Street Zen upgraded ProFrac from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Morgan Stanley reduced their target price on shares of ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday, May 16th. Finally, Stifel Nicolaus dropped their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.70.

ProFrac Trading Down 0.2%

NASDAQ ACDC opened at $8.23 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.98 and a quick ratio of 0.69. The stock has a market capitalization of $1.32 billion, a P/E ratio of -5.52 and a beta of 1.74. The firm’s 50-day moving average is $6.68 and its two-hundred day moving average is $7.12. ProFrac has a 12 month low of $3.83 and a 12 month high of $10.70.

ProFrac (NASDAQ:ACDC) last released its earnings results on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 11.85% and a negative net margin of 10.72%. On average, sell-side analysts anticipate that ProFrac will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In related news, Chairman Matthew Wilks acquired 69,176 shares of ProFrac stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $4.85 per share, for a total transaction of $335,503.60. Following the completion of the transaction, the chairman now directly owns 378,153 shares of the company’s stock, valued at $1,834,042.05. The trade was a 22.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Holdings Lp Thrc acquired 207,163 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $6.25 per share, with a total value of $1,294,768.75. Following the transaction, the insider now owns 79,855,858 shares in the company, valued at $499,099,112.50. This represents a 0.26% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 733,996 shares of company stock valued at $4,356,960. Insiders own 2.84% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in ProFrac by 1,822.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after purchasing an additional 1,692,908 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of ProFrac by 52.0% in the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock worth $3,313,000 after purchasing an additional 146,028 shares during the period. Bridgeway Capital Management LLC lifted its stake in shares of ProFrac by 10.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock valued at $8,859,000 after purchasing an additional 111,913 shares in the last quarter. Mariner LLC lifted its stake in shares of ProFrac by 184.2% in the 4th quarter. Mariner LLC now owns 146,429 shares of the company’s stock valued at $1,136,000 after purchasing an additional 94,902 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of ProFrac during the 1st quarter worth about $548,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.