ProFrac Holding Corp. (NASDAQ:ACDC) Receives $6.10 Consensus Target Price from Brokerages

ProFrac Holding Corp. (NASDAQ:ACDC) has been given a consensus recommendation of “Strong Sell” by the five analysts that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and two have assigned a hold recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $6.10.

Several research analysts have weighed in on ACDC shares. Bank of America downgraded ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 price target for the company. in a research note on Wednesday, June 25th. Piper Sandler dropped their target price on shares of ProFrac from $8.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, August 20th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th.

ProFrac Stock Up 1.6%

NASDAQ ACDC opened at $3.77 on Wednesday. The stock’s 50-day moving average price is $4.95 and its 200-day moving average price is $6.18. ProFrac has a 52 week low of $3.43 and a 52 week high of $10.70. The company has a market capitalization of $604.26 million, a P/E ratio of -2.17 and a beta of 1.65. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.38). The business had revenue of $501.90 million during the quarter, compared to the consensus estimate of $532.93 million. ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%. On average, equities research analysts predict that ProFrac will post -0.5 earnings per share for the current year.

Insider Transactions at ProFrac

In other news, major shareholder Holdings Lp Thrc purchased 2,500,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the purchase, the insider owned 82,389,657 shares in the company, valued at approximately $329,558,628. This represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Matthew Wilks purchased 43,297 shares of the business’s stock in a transaction on Monday, September 8th. The shares were purchased at an average price of $3.80 per share, with a total value of $164,528.60. Following the acquisition, the chairman directly owned 422,097 shares in the company, valued at $1,603,968.60. This represents a 11.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.84% of the company’s stock.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the last quarter. Farther Finance Advisors LLC purchased a new position in ProFrac during the second quarter worth $29,000. Raymond James Financial Inc. bought a new position in ProFrac during the second quarter valued at $29,000. BNP Paribas Financial Markets increased its position in ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after acquiring an additional 4,871 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after acquiring an additional 9,416 shares during the period. Hedge funds and other institutional investors 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.