ProFrac (NASDAQ:ACDC – Get Free Report) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday, Marketbeat reports. They presently have a $6.50 target price on the stock. Bank of America‘s price objective indicates a potential downside of 20.15% from the stock’s current price.
ACDC has been the subject of several other research reports. Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a report 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 report on Friday, May 16th. Finally, Stifel Nicolaus reduced their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 15th. Three 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $6.70.
Check Out Our Latest Stock Analysis on ProFrac
ProFrac Trading Up 4.9%
ProFrac (NASDAQ:ACDC – Get Free Report) last issued 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 net margin of 10.72% and a negative return on equity of 11.85%. Research analysts forecast that ProFrac will post -0.5 earnings per share for the current fiscal year.
Insider Buying and Selling
In other ProFrac news, major shareholder Holdings Lp Thrc purchased 207,163 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $6.25 per share, with a total value of $1,294,768.75. Following the completion of the transaction, the insider now owns 79,855,858 shares in the company, valued at $499,099,112.50. The trade was a 0.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Matthew Wilks purchased 69,176 shares of the stock in a transaction that occurred on 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 owns 378,153 shares of the company’s stock, valued at $1,834,042.05. This trade represents a 22.39% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 733,996 shares of company stock valued at $4,356,960. 2.84% of the stock is owned by company insiders.
Hedge Funds Weigh In On ProFrac
A number of hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in ProFrac by 2.0% in the 1st quarter. Empowered Funds LLC now owns 594,680 shares of the company’s stock valued at $4,514,000 after buying an additional 11,913 shares during the period. Bridgeway Capital Management LLC increased its stake in ProFrac by 10.6% in the first quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock valued at $8,859,000 after acquiring an additional 111,913 shares during the last quarter. Walleye Capital LLC bought a new position in ProFrac in the first quarter valued at approximately $97,000. AlphaQuest LLC lifted its stake in ProFrac by 367.1% during the first quarter. AlphaQuest LLC now owns 39,699 shares of the company’s stock worth $301,000 after purchasing an additional 31,200 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in ProFrac by 10.4% during the first quarter. American Century Companies Inc. now owns 583,820 shares of the company’s stock worth $4,431,000 after purchasing an additional 54,908 shares during the last quarter. 12.75% of the stock is owned by 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.
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