ProFrac Holding Corp. (NASDAQ:ACDC) Receives Consensus Recommendation of “Hold” from Analysts

ProFrac Holding Corp. (NASDAQ:ACDC) has been given an average rating of “Hold” by the four research firms that are covering the company, Marketbeat reports. One research analyst has 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 twelve-month price target among brokers that have issued a report on the stock in the last year is $7.50.

ACDC has been the subject of several recent analyst reports. Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday, October 14th. Piper Sandler lowered their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research note on Friday, October 11th. Finally, Morgan Stanley lowered ProFrac from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th.

ProFrac Stock Up 0.2 %

Shares of NASDAQ ACDC opened at $5.96 on Monday. ProFrac has a 12-month low of $5.16 and a 12-month high of $10.14. The stock’s fifty day simple moving average is $6.54 and its two-hundred day simple moving average is $7.39. The stock has a market capitalization of $954.48 million, a PE ratio of -4.48 and a beta of 0.84. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). The company had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, analysts expect that ProFrac will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc purchased 130,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the acquisition, the insider now owns 76,800,545 shares of the company’s stock, valued at $498,435,537.05. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders purchased a total of 1,933,600 shares of company stock valued at $12,207,161 in the last quarter. 2.93% 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 ACDC. American Century Companies Inc. grew its position in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares during the period. Marshall Wace LLP boosted its stake in shares of ProFrac by 1,632.1% during the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of ProFrac during the 2nd quarter valued at about $365,000. Squarepoint Ops LLC purchased a new position in shares of ProFrac in the 2nd quarter valued at about $150,000. Finally, Pinnacle Associates Ltd. raised its holdings in ProFrac by 39.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company’s stock worth $790,000 after purchasing an additional 33,139 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.