Brokerages Set ProFrac Holding Corp. (NASDAQ:ACDC) PT at $6.00

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have earned a consensus rating of “Reduce” from the five research firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $6.00.

Several research firms have issued reports on ACDC. Morgan Stanley increased their price objective on ProFrac from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 15th. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler increased their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Finally, UBS Group reissued a “positive” rating on shares of ProFrac in a report on Thursday, March 12th.

Institutional Trading of ProFrac

Hedge funds have recently modified their holdings of the company. Creative Planning bought a new position in shares of ProFrac in the second quarter valued at approximately $102,000. JPMorgan Chase & Co. grew its position in ProFrac by 818.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after acquiring an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares during the last quarter. First Trust Advisors LP acquired a new stake in ProFrac during the 2nd quarter valued at $553,000. Finally, Sei Investments Co. increased its holdings in ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after purchasing an additional 6,200 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Trading Down 6.2%

ACDC stock opened at $5.15 on Friday. ProFrac has a 1-year low of $3.08 and a 1-year high of $8.44. The firm has a market cap of $931.74 million, a P/E ratio of -2.02 and a beta of 1.42. The business’s 50 day moving average is $6.84 and its 200-day moving average is $5.80. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Thursday, May 7th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.10). The company had revenue of $449.60 million during the quarter, compared to analyst estimates of $426.39 million. ProFrac had a negative return on equity of 44.39% and a negative net margin of 24.25%. Equities analysts anticipate that ProFrac will post -1.15 earnings per share for the current fiscal year.

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.