Brokerages Set ProFrac Holding Corp. (NASDAQ:ACDC) Target Price at $6.90

ProFrac Holding Corp. (NASDAQ:ACDC) has received an average recommendation of “Reduce” from the five analysts that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $6.90.

Several research analysts have commented on the company. Morgan Stanley cut their price target on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Tuesday, April 15th.

ProFrac Trading Down 8.6%

ACDC opened at $9.62 on Monday. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -6.46 and a beta of 1.75. ProFrac has a 52 week low of $3.83 and a 52 week high of $10.70. The business’s 50 day moving average is $6.34 and its two-hundred day moving average is $7.11. The company has a quick ratio of 0.69, a current ratio of 0.98 and a debt-to-equity ratio of 0.92.

ProFrac (NASDAQ:ACDC) last released its quarterly 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, research analysts predict that ProFrac will post -0.5 EPS for the current year.

Insider Activity

In other ProFrac news, Chairman Matthew Wilks acquired 69,176 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average price of $4.85 per share, with a total value of $335,503.60. Following the completion of the acquisition, the chairman now directly owns 378,153 shares of the company’s stock, valued at approximately $1,834,042.05. The trade was a 22.39% increase in their position. The acquisition 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 acquired at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the acquisition, the insider now directly owns 79,855,858 shares of the company’s stock, valued at $499,099,112.50. This trade represents a 0.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 733,996 shares of company stock valued at $4,356,960. Company insiders own 2.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACDC. AlphaQuest LLC purchased a new stake in ProFrac during the fourth quarter worth $66,000. Exchange Traded Concepts LLC boosted its position in ProFrac by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock worth $77,000 after purchasing an additional 9,416 shares in the last quarter. HighTower Advisors LLC purchased a new stake in ProFrac during the fourth quarter worth $85,000. Walleye Capital LLC purchased a new stake in ProFrac during the first quarter worth $97,000. Finally, Deutsche Bank AG boosted its position in ProFrac by 64.7% during the first quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after purchasing an additional 5,767 shares in the last quarter. Institutional investors and hedge funds 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.