ProFrac’s (ACDC) Hold Rating Reiterated at Bank of America

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

Several other brokerages have also commented on ACDC. Stifel Nicolaus lowered ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a research note on Friday, October 11th. Piper Sandler reduced their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th.

ProFrac Trading Up 2.7 %

ACDC stock opened at $6.96 on Monday. ProFrac has a 12 month low of $5.59 and a 12 month high of $10.14. The firm’s 50-day moving average is $6.63 and its 200 day moving average is $7.61. The company has a market capitalization of $1.11 billion, a PE ratio of -7.48 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64.

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). ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. The company had revenue of $579.40 million for the quarter, compared to the consensus estimate of $624.64 million. On average, research analysts anticipate that ProFrac will post -0.13 EPS for the current year.

Insider Activity at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 6,136 shares of ProFrac stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $6.99 per share, for a total transaction of $42,890.64. Following the completion of the acquisition, the insider now owns 77,411,356 shares of the company’s stock, valued at $541,105,378.44. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 1,933,600 shares of company stock valued at $12,207,161 over the last quarter. 2.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently made changes to their positions in ACDC. Marshall Wace LLP boosted its position in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares in the last quarter. American Century Companies Inc. boosted its holdings in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after acquiring an additional 132,108 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of ProFrac during the second quarter worth about $365,000. Virtu Financial LLC acquired a new position in shares of ProFrac during the first quarter valued at about $401,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of ProFrac in the 1st quarter valued at approximately $357,000. 12.75% of the stock is owned by institutional investors and hedge funds.

About ProFrac

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.