ProFrac (NASDAQ:ACDC) Earns Hold Rating from Bank of America

Bank of America restated their hold rating on shares of ProFrac (NASDAQ:ACDC) in a research report report published on Monday, Stock Target Advisor reports. Bank of America currently has a $7.50 price target on the stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler decreased their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th.

ProFrac Trading Up 2.7 %

Shares of ProFrac stock opened at $6.96 on Monday. The company has a market capitalization of $1.11 billion, a P/E ratio of -7.48 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.64 and a current ratio of 1.01. The company has a fifty day moving average of $6.63 and a 200 day moving average of $7.61. ProFrac has a fifty-two week low of $5.59 and a fifty-two week high of $10.14.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.12). The business had revenue of $579.40 million during the quarter, compared to the consensus estimate of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. On average, sell-side analysts anticipate that ProFrac will post -0.13 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 353,635 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $6.17 per share, with a total value of $2,181,927.95. Following the acquisition, the insider now owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 1,933,600 shares of company stock worth $12,207,161 in the last three months. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently modified their holdings of the stock. nVerses Capital LLC purchased a new stake in ProFrac during the 2nd quarter valued at $44,000. Delta Investment Management LLC raised its stake in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares during the period. Squarepoint Ops LLC bought a new stake in shares of ProFrac in the 2nd quarter worth about $150,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of ProFrac in the 1st quarter worth about $357,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of ProFrac during the 2nd quarter worth about $365,000. 12.75% of the stock is owned by institutional investors.

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.