ProFrac Holding Corp. (NASDAQ:ACDC) Receives $5.80 Consensus PT from Analysts

ProFrac Holding Corp. (NASDAQ:ACDC) has received an average rating of “Strong Sell” from the seven research firms that are currently covering the company, Marketbeat reports. Four research analysts have rated the stock with a sell rating and three have issued a hold rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $5.80.

ACDC has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Friday. Morgan Stanley set a $4.50 price target on ProFrac and gave the company an “underweight” rating in a report on Friday, October 17th. Piper Sandler lowered their price target on ProFrac from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Zacks Research upgraded ProFrac from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th.

ProFrac Trading Down 1.1%

ProFrac stock opened at $4.31 on Friday. The stock has a market cap of $779.55 million, a PE ratio of -2.48 and a beta of 1.61. The stock has a 50-day moving average price of $3.88 and a 200 day moving average price of $5.76. ProFrac has a 52 week low of $3.43 and a 52 week high of $10.70. The company has a current ratio of 0.91, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00.

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

Insider Activity

In other news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of ProFrac stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider directly owned 82,389,657 shares of the company’s stock, valued at approximately $329,558,628. This trade represents a 3.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Matthew Wilks acquired 43,297 shares of ProFrac stock in a transaction dated Monday, September 8th. The stock was purchased at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the purchase, the chairman directly owned 422,097 shares in the company, valued at approximately $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. Insiders own 2.84% of the company’s stock.

Hedge Funds Weigh In On ProFrac

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of ProFrac by 7,241.7% in 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 in the last quarter. Farther Finance Advisors LLC acquired a new position in ProFrac during the 2nd quarter worth approximately $29,000. Raymond James Financial Inc. acquired a new position in ProFrac during the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its position in ProFrac by 389.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after acquiring an additional 4,871 shares in the last quarter. Finally, Delta Investment Management LLC lifted its position in ProFrac by 95.5% during the 3rd quarter. Delta Investment Management LLC now owns 20,469 shares of the company’s stock worth $76,000 after acquiring an additional 10,000 shares in the last quarter. 12.75% of the stock is 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.