ProFrac (NASDAQ:ACDC) Price Target Raised to $7.00 at Stifel Nicolaus

ProFrac (NASDAQ:ACDC) had its target price hoisted by Stifel Nicolaus from $6.00 to $7.00 in a research report report published on Monday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

Separately, JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat, ProFrac presently has an average rating of “Hold” and an average target price of $7.40.

ProFrac Price Performance

ACDC stock opened at $7.51 on Monday. The firm has a 50 day moving average price of $7.72 and a 200-day moving average price of $7.27. ProFrac has a 52-week low of $5.16 and a 52-week high of $9.75. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -5.33 and a beta of 1.18. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

Insider Activity at ProFrac

In other news, major shareholder Farris Wilks purchased 338,756 shares of ProFrac stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average price of $6.93 per share, with a total value of $2,347,579.08. Following the completion of the transaction, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.93% of the stock is owned by insiders.

Institutional Investors Weigh In On ProFrac

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quantinno Capital Management LP grew its position in ProFrac by 11.3% in the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after purchasing an additional 1,670 shares during the period. Bridgeway Capital Management LLC grew its position in ProFrac by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company’s stock worth $8,189,000 after purchasing an additional 28,370 shares during the period. Bayesian Capital Management LP bought a new stake in ProFrac in the 4th quarter worth approximately $136,000. BNP Paribas Financial Markets bought a new stake in ProFrac in the 4th quarter worth approximately $469,000. Finally, Ameriprise Financial Inc. grew its position in ProFrac by 36.2% in the 4th quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company’s stock worth $1,154,000 after purchasing an additional 39,560 shares during the period. 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.