ProFrac (NASDAQ:ACDC) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of ProFrac (NASDAQ:ACDC) from a hold rating to a sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley reduced their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a report on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $5.25.

ProFrac Stock Up 6.9%

Shares of ACDC stock opened at $4.35 on Friday. The firm’s 50-day moving average is $4.71 and its 200-day moving average is $5.52. The stock has a market cap of $792.22 million, a price-to-earnings ratio of -1.87 and a beta of 1.52. 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.

Insider Buying and Selling at ProFrac

In related news, 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 cost of $4.86 per share, with a total value of $2,515,871.34. Following the acquisition, the insider owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. This trade represents a 0.60% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 363,757 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $4.70 per share, for a total transaction of $1,709,657.90. Following the purchase, the insider owned 83,785,415 shares of the company’s stock, valued at approximately $393,791,450.50. The trade was a 0.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 2,014,454 shares of company stock worth $9,750,117 over the last 90 days. Insiders own 2.23% of the company’s stock.

Institutional Trading of ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in ProFrac by 156.5% during the 1st 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 during the last quarter. Walleye Capital LLC lifted its holdings in ProFrac by 328.6% during the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after buying an additional 266,742 shares during the period. Bank of America Corp DE lifted its holdings in ProFrac by 186.9% during the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company’s stock worth $1,089,000 after buying an additional 114,429 shares during the period. Renaissance Technologies LLC bought a new stake in shares of ProFrac in the 1st quarter valued at about $872,000. Finally, Sei Investments Co. grew its position in shares of ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock valued at $620,000 after buying an additional 47,800 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company’s activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.