Wall Street Zen lowered shares of ProFrac (NASDAQ:ACDC – Free Report) from a hold rating to a sell rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.
ACDC has been the subject of a number of other reports. Morgan Stanley decreased their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ProFrac currently has a consensus rating of “Reduce” and an average target price of $5.25.
Check Out Our Latest Report on ACDC
ProFrac Price Performance
Insider Transactions at ProFrac
In related news, major shareholder Holdings Lp Thrc acquired 30,820 shares of ProFrac stock in a transaction on Tuesday, August 25th. The shares were purchased at an average cost of $4.81 per share, for a total transaction of $148,244.20. Following the purchase, the insider directly owned 83,816,235 shares of the company’s stock, valued at $403,156,090.35. The trade was a 0.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Dan H. Wilks acquired 30,820 shares of ProFrac stock in a transaction on Tuesday, August 25th. The shares were bought at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the completion of the purchase, the insider directly owned 88,107,422 shares in the company, valued at $423,796,699.82. The trade was a 0.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 2,014,454 shares of company stock valued at $9,750,117. 2.23% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On ProFrac
A number of institutional investors have recently modified their holdings of ACDC. Dimensional Fund Advisors LP grew its stake in ProFrac by 156.5% in the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after purchasing an additional 238,210 shares in the last quarter. Walleye Capital LLC raised its stake in ProFrac by 328.6% during the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after buying an additional 266,742 shares in the last quarter. Bank of America Corp DE raised its stake in ProFrac by 186.9% during the first 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. Renaissance Technologies LLC bought a new position in ProFrac during the 1st quarter worth approximately $872,000. Finally, Sei Investments Co. lifted its holdings in ProFrac by 91.6% during the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after buying an additional 47,800 shares during the last quarter. Institutional investors and hedge funds 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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