ProFrac (NASDAQ:ACDC) Price Target Lowered to $22.00 at Stifel Nicolaus

ProFrac (NASDAQ:ACDC – Get Rating) had its price target trimmed by Stifel Nicolaus from $31.00 to $22.00 in a research note released on Monday, The Fly reports.

A number of other brokerages have also weighed in on ACDC. Morgan Stanley decreased their target price on ProFrac from $30.00 to $22.00 in a research report on Tuesday, April 18th. JPMorgan Chase & Co. lowered shares of ProFrac from an overweight rating to a neutral rating and set a $15.00 price target for the company. in a research report on Thursday, May 11th.

ProFrac Trading Up 2.4 %

Shares of ProFrac stock opened at $10.75 on Monday. The company has a market cap of $1.67 billion and a PE ratio of 4.35. The stock has a 50-day moving average price of $12.75. ProFrac has a 1 year low of $9.01 and a 1 year high of $27.00.

ProFrac (NASDAQ:ACDC – Get Rating) last issued its earnings results on Tuesday, March 21st. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.50. ProFrac had a negative return on equity of 24.20% and a net margin of 4.79%. The business had revenue of $794.10 million during the quarter, compared to analyst estimates of $791.75 million. Research analysts anticipate that ProFrac will post 4.14 earnings per share for the current fiscal year.

Insider Activity at ProFrac

In related news, CEO Johnathan Ladd Wilks acquired 12,000 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The stock was bought at an average cost of $12.65 per share, for a total transaction of $151,800.00. Following the purchase, the chief executive officer now owns 74,890 shares in the company, valued at approximately $947,358.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ProFrac news, CEO Johnathan Ladd Wilks purchased 12,000 shares of the company’s stock in a transaction on Friday, March 31st. The stock was acquired at an average cost of $12.65 per share, for a total transaction of $151,800.00. Following the purchase, the chief executive officer now directly owns 74,890 shares of the company’s stock, valued at approximately $947,358.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Matthew Wilks purchased 8,000 shares of the company’s stock in a transaction on Wednesday, March 29th. The stock was acquired at an average price of $12.35 per share, with a total value of $98,800.00. Following the completion of the purchase, the chairman now directly owns 72,076 shares in the company, valued at $890,138.60. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 525,000 shares of company stock worth $6,348,450. 2.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in shares of ProFrac during the 1st quarter valued at approximately $737,000. Raffles Associates LP purchased a new stake in ProFrac during the 1st quarter valued at $317,000. Public Employees Retirement System of Ohio purchased a new stake in ProFrac during the 1st quarter valued at $232,000. Delphia USA Inc. purchased a new stake in ProFrac during the 1st quarter valued at $503,000. Finally, Corton Capital Inc. purchased a new stake in ProFrac in the first quarter worth $621,000. 23.92% of the stock is currently owned by institutional investors.

About ProFrac

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ProFrac Holding Corp., a vertically integrated and energy services company, provides hydraulic fracturing, completion, and other products and services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.