Brokerages Set ProFrac Holding Corp. (NASDAQ:ACDC) Price Target at $9.63

ProFrac Holding Corp. (NASDAQ:ACDC) has received a consensus rating of “Moderate Buy” from the four brokerages that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $9.63.

A number of brokerages have issued reports on ACDC. Bank of America reduced their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Piper Sandler decreased their price objective 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. Finally, Stifel Nicolaus lowered their price objective on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 12th.

ProFrac Trading Up 1.3 %

Shares of ACDC stock opened at $6.20 on Friday. The stock has a market cap of $992.93 million, a P/E ratio of -6.67 and a beta of 0.81. ProFrac has a 1 year low of $5.59 and a 1 year high of $11.94. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. The stock has a 50 day simple moving average of $7.09 and a 200 day simple moving average of $7.80.

ProFrac (NASDAQ:ACDC) last released its earnings results on Friday, August 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The company had revenue of $579.40 million for the quarter, compared to the consensus estimate of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. On average, research analysts predict that ProFrac will post 0.05 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Holdings Lp Thrc acquired 130,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $6.49 per share, with a total value of $843,700.00. Following the purchase, the insider now directly owns 76,800,545 shares in the company, valued at $498,435,537.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have purchased 1,579,965 shares of company stock worth $10,025,233. Corporate insiders own 2.93% of the company’s stock.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. grew its holdings in shares of ProFrac by 712.8% during the fourth quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after purchasing an additional 130,757 shares during the last quarter. Jump Financial LLC acquired a new position in ProFrac in the 4th quarter valued at approximately $179,000. Quest Partners LLC bought a new position in shares of ProFrac during the fourth quarter valued at $356,000. Aristides Capital LLC acquired a new position in shares of ProFrac during the fourth quarter worth $279,000. Finally, CastleKnight Management LP bought a new stake in shares of ProFrac in the fourth quarter worth $956,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.