ProFrac (NASDAQ:ACDC) Stock Rating Upgraded by Wall Street Zen

ProFrac (NASDAQ:ACDC) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Piper Sandler upped their price target on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Finally, Morgan Stanley decreased their price target on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $5.25.

ProFrac Price Performance

ProFrac stock opened at $5.21 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac has a 52-week low of $3.08 and a 52-week high of $8.22. The firm has a 50 day moving average price of $4.81 and a two-hundred day moving average price of $5.86. The firm has a market cap of $948.85 million, a price-to-earnings ratio of -2.24 and a beta of 1.49.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc acquired 363,757 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the acquisition, the insider owned 83,785,415 shares of the company’s stock, valued at approximately $393,791,450.50. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Dan H. Wilks purchased 517,669 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the acquisition, the insider directly owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. This represents a 0.60% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 2,014,454 shares of company stock worth $9,750,117. Insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

A number of institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its position in ProFrac by 7,241.7% in the second 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. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the 2nd quarter worth about $29,000. BNP Paribas Financial Markets grew its position in ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after buying an additional 4,871 shares during the period. Allworth Financial LP grew its position in ProFrac by 88.8% during the second quarter. Allworth Financial LP now owns 6,658 shares of the company’s stock valued at $39,000 after buying an additional 3,131 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in ProFrac by 822.3% in the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after acquiring an additional 10,016 shares during the period. 12.75% of the stock is owned by hedge funds and other institutional investors.

About ProFrac

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.