Wall Street Zen upgraded shares of ProFrac (NASDAQ:ACDC – Free Report) from a sell rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.
A number of other research analysts also recently issued reports on ACDC. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler lifted their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Finally, Morgan Stanley reduced their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.25.
View Our Latest Research Report on ProFrac
ProFrac Trading Down 6.3%
Insiders Place Their Bets
In other ProFrac news, major shareholder Holdings Lp Thrc bought 363,757 shares of ProFrac stock in a transaction dated Monday, August 24th. The shares were purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the transaction, the insider directly owned 83,785,415 shares of the company’s stock, valued at $393,791,450.50. This represents a 0.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Wilks purchased 57,519 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average cost of $4.86 per share, with a total value of $279,542.34. Following the completion of the transaction, the chief executive officer owned 479,616 shares in the company, valued at $2,330,933.76. This trade represents a 13.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On ProFrac
A number of hedge funds and other institutional investors have recently bought and sold shares of ACDC. Integrated Wealth Concepts LLC purchased a new position in shares of ProFrac during the second quarter valued at approximately $68,000. Allworth Financial LP boosted its position in shares of ProFrac by 88.8% in the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock worth $39,000 after purchasing an additional 3,131 shares in the last quarter. Corient Private Wealth LP purchased a new stake in shares of ProFrac in the 2nd quarter worth approximately $368,000. AXQ Capital LP increased its position in ProFrac by 11.0% during the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company’s stock valued at $263,000 after buying an additional 4,487 shares in the last quarter. Finally, Bank of America Corp DE increased its position in ProFrac by 186.9% during the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock valued at $1,089,000 after buying an additional 114,429 shares in the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.
ProFrac Company Profile
ProFrac Holding Corp. (NASDAQ: ACDC) is an energy services company that provides hydraulic fracturing and other well-completion services to oil and natural gas exploration and production companies. Its services are used primarily during the development of unconventional wells, including shale and tight-oil formations.
The company operates a vertically integrated business that includes stimulation services, proppant production and equipment manufacturing. Its offerings include hydraulic fracturing fleets, frac sand and other proppants, well-completion chemicals, and related equipment and services designed to support the drilling and completion process.
ProFrac serves customers in major U.S.
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