ProFrac (NASDAQ:ACDC) Upgraded at Zacks Research

Zacks Research upgraded shares of ProFrac (NASDAQ:ACDC) from a strong sell rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley reissued an “underweight” rating and set a $4.00 price objective on shares of ProFrac in a report on Wednesday. Piper Sandler reduced their price target on ProFrac from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Monday, December 29th. Three research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.38.

ProFrac Trading Down 3.6%

Shares of ACDC stock opened at $5.05 on Wednesday. The stock has a market cap of $913.39 million, a P/E ratio of -2.46 and a beta of 1.69. ProFrac has a 1 year low of $3.08 and a 1 year high of $10.70. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 0.96. The stock has a 50 day simple moving average of $4.04 and a 200 day simple moving average of $4.65.

ProFrac (NASDAQ:ACDC) last released its earnings results on Monday, November 10th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.17). ProFrac had a negative net margin of 16.86% and a negative return on equity of 32.01%. The company had revenue of $403.10 million for the quarter, compared to the consensus estimate of $412.00 million. On average, research analysts predict that ProFrac will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACDC. EverSource Wealth Advisors LLC boosted its stake in shares of ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in ProFrac during the second quarter valued at $29,000. Raymond James Financial Inc. acquired a new stake in ProFrac during the 2nd quarter worth about $29,000. BNP Paribas Financial Markets raised its position in shares of ProFrac by 389.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after acquiring an additional 4,871 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after purchasing an additional 10,016 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.