Morgan Stanley Lowers ProFrac (NASDAQ:ACDC) Price Target to $5.00

ProFrac (NASDAQ:ACDC) had its target price cut by stock analysts at Morgan Stanley from $7.00 to $5.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 18.43% from the stock’s previous close.

Separately, Stifel Nicolaus decreased their price objective on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.90.

ProFrac Stock Down 2.4%

Shares of ProFrac stock opened at $6.13 on Friday. ProFrac has a 1 year low of $3.83 and a 1 year high of $9.75. The firm has a market cap of $981.89 million, a price-to-earnings ratio of -4.35 and a beta of 1.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The company has a 50-day moving average of $5.77 and a 200 day moving average of $6.98.

ProFrac (NASDAQ:ACDC) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. ProFrac had a negative net margin of 9.51% and a negative return on equity of 3.54%. As a group, sell-side analysts anticipate that ProFrac will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 207,163 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average price of $6.25 per share, with a total value of $1,294,768.75. Following the purchase, the insider now owns 79,855,858 shares of the company’s stock, valued at $499,099,112.50. The trade was a 0.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Matthew Wilks purchased 20,221 shares of the company’s stock in a transaction that occurred on Friday, May 9th. The stock was bought at an average cost of $4.32 per share, for a total transaction of $87,354.72. Following the purchase, the chairman now directly owns 308,977 shares in the company, valued at $1,334,780.64. This trade represents a 7.00% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 1,072,752 shares of company stock valued at $6,704,539 in the last 90 days. 2.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP grew its stake in ProFrac by 11.3% in the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock valued at $127,000 after acquiring an additional 1,670 shares during the period. Dimensional Fund Advisors LP grew its stake in ProFrac by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock valued at $706,000 after acquiring an additional 1,860 shares during the period. Geode Capital Management LLC grew its stake in ProFrac by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock valued at $4,591,000 after acquiring an additional 2,893 shares during the period. Barclays PLC grew its stake in ProFrac by 14.4% in the 4th quarter. Barclays PLC now owns 33,409 shares of the company’s stock valued at $259,000 after acquiring an additional 4,194 shares during the period. Finally, Deutsche Bank AG grew its stake in ProFrac by 64.7% in the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock valued at $111,000 after acquiring an additional 5,767 shares during the period. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.