ProFrac (NASDAQ:ACDC) Shares Up 7.8% Following Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC)’s stock price shot up 7.8% on Tuesday after Morgan Stanley raised their price target on the stock from $4.00 to $5.00. Morgan Stanley currently has an underweight rating on the stock. ProFrac traded as high as $6.82 and last traded at $6.6820. 480,019 shares traded hands during trading, a decline of 63% from the average session volume of 1,307,881 shares. The stock had previously closed at $6.20.

ACDC has been the topic of several other research reports. UBS Group reaffirmed a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Finally, Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, ProFrac presently has an average rating of “Reduce” and an average price target of $5.63.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC boosted its holdings in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ProFrac in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of ProFrac in the 3rd quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of ProFrac in the 4th quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company bought a new position in ProFrac during the 4th quarter worth approximately $47,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

ProFrac Stock Down 5.1%

The firm has a market cap of $1.15 billion, a P/E ratio of -2.90 and a beta of 1.70. The firm’s 50 day moving average is $5.46 and its two-hundred day moving average is $4.52. The company has a current ratio of 0.81, a quick ratio of 0.56 and a debt-to-equity ratio of 1.08.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 13th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.07). The firm had revenue of $436.50 million during the quarter, compared to the consensus estimate of $402.95 million. ProFrac had a negative net margin of 18.97% and a negative return on equity of 33.18%. As a group, research analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS 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.