ProFrac (NASDAQ:ACDC) Rating Lowered to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of ProFrac (NASDAQ:ACDC) from an equal weight rating to an underweight rating in a report released on Thursday morning, MarketBeat reports. Morgan Stanley currently has $6.50 price objective on the stock, down from their prior price objective of $7.00.

A number of other research analysts have also commented on ACDC. Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus lowered shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price objective on the stock. in a research note on Friday, October 11th. Finally, Piper Sandler dropped 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.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $6.24 on Thursday. The company’s fifty day moving average price is $6.65 and its 200 day moving average price is $7.58. ProFrac has a 12 month low of $5.59 and a 12 month high of $10.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The firm has a market capitalization of $998.00 million, a P/E ratio of -6.71 and a beta of 0.81.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The company had revenue of $579.40 million for the quarter, compared to analyst estimates of $624.64 million. As a group, sell-side analysts predict that ProFrac will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Holdings Lp Thrc bought 411,383 shares of the stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $6.03 per share, with a total value of $2,480,639.49. Following the completion of the acquisition, the insider now directly owns 76,611,928 shares in the company, valued at approximately $461,969,925.84. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought a total of 1,933,600 shares of company stock valued at $12,207,161 over the last quarter. Corporate insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

A number of institutional investors have recently added to or reduced their stakes in ACDC. nVerses Capital LLC acquired a new position in ProFrac during the second quarter worth about $44,000. Delta Investment Management LLC increased its position in ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after purchasing an additional 5,000 shares during the last quarter. Squarepoint Ops LLC acquired a new position in ProFrac during the second quarter worth approximately $150,000. Susquehanna Fundamental Investments LLC purchased a new stake in ProFrac during the first quarter worth approximately $357,000. Finally, Point72 Asset Management L.P. purchased a new stake in ProFrac during the second quarter worth approximately $365,000. Hedge funds and other institutional investors 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.