Weiss Ratings Reaffirms Sell (D-) Rating for ProFrac (NASDAQ:ACDC)

ProFrac (NASDAQ:ACDC)‘s stock had its “sell (d-)” rating restated by analysts at Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

Several other research firms also recently issued reports on ACDC. Morgan Stanley set a $4.50 price objective on shares of ProFrac and gave the stock an “underweight” rating in a report on Friday, October 17th. Zacks Research raised shares of ProFrac from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Piper Sandler decreased their target price on shares of ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Three investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, ProFrac presently has a consensus rating of “Strong Sell” and an average target price of $5.80.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $4.31 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. The stock has a market capitalization of $779.55 million, a P/E ratio of -2.48 and a beta of 1.61. The business has a 50-day moving average of $3.88 and a two-hundred day moving average of $5.76. ProFrac has a fifty-two week low of $3.43 and a fifty-two week high of $10.70.

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

Insider Buying and Selling at ProFrac

In related news, Chairman Matthew Wilks acquired 43,297 shares of the stock in a transaction on Monday, September 8th. The stock was purchased at an average price of $3.80 per share, for a total transaction of $164,528.60. Following the transaction, the chairman owned 422,097 shares of the company’s stock, valued at $1,603,968.60. The trade was a 11.43% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings Lp Thrc bought 2,500,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $329,558,628. The trade was a 3.13% increase in their position. The disclosure for this purchase can be found here. 2.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC raised its holdings in ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares during the last quarter. Farther Finance Advisors LLC bought a new position in ProFrac in the second quarter valued at approximately $29,000. Raymond James Financial Inc. acquired a new stake in ProFrac during the 2nd quarter worth $29,000. BNP Paribas Financial Markets raised its position in shares of ProFrac by 389.4% during the 2nd 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, Delta Investment Management LLC lifted its stake in shares of ProFrac by 95.5% in the 3rd quarter. Delta Investment Management LLC now owns 20,469 shares of the company’s stock valued at $76,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 12.75% of the company’s stock.

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.