ProFrac (NASDAQ:ACDC) Price Target Cut to $6.00 by Analysts at Piper Sandler

ProFrac (NASDAQ:ACDC) had its price objective cut by Piper Sandler from $8.00 to $6.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also issued research reports about the company. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Bank of America downgraded ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 target price on the stock. in a research note on Wednesday, June 25th. Finally, Morgan Stanley cut their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Strong Sell” and an average target price of $6.10.

ProFrac Trading Down 1.5%

NASDAQ:ACDC opened at $3.89 on Wednesday. ProFrac has a 12-month low of $3.43 and a 12-month high of $10.70. The firm has a market capitalization of $623.49 million, a P/E ratio of -2.24 and a beta of 1.67. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. The business has a 50 day simple moving average of $7.35 and a 200 day simple moving average of $6.85.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.38). ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. The company had revenue of $501.90 million for the quarter, compared to analyst estimates of $532.93 million. Equities research analysts predict that ProFrac will post -0.5 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider owned 82,389,657 shares of the company’s stock, valued at approximately $329,558,628. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.84% of the stock is owned by insiders.

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently modified their holdings of ACDC. Geode Capital Management LLC raised its stake in shares of ProFrac by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after buying an additional 2,893 shares in the last quarter. Wells Fargo & Company MN raised its stake 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 buying an additional 146,028 shares in the last quarter. Townsquare Capital LLC raised its stake in shares of ProFrac by 90.6% in the 4th quarter. Townsquare Capital LLC now owns 24,334 shares of the company’s stock worth $189,000 after buying an additional 11,565 shares in the last quarter. Barclays PLC raised its stake in shares of ProFrac by 14.4% in the 4th quarter. Barclays PLC now owns 33,409 shares of the company’s stock worth $259,000 after buying an additional 4,194 shares in the last quarter. Finally, Mariner LLC raised 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 worth $1,136,000 after buying an additional 94,902 shares in the last quarter. Institutional investors 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.