ProFrac (NASDAQ:ACDC) Stock Price Up 7.8% Following Analyst Upgrade

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price traded up 7.8% on Tuesday after Morgan Stanley raised their price target on the stock from $4.00 to $5.00. Morgan Stanley currently has an underweight rating on the stock. ProFrac traded as high as $6.82 and last traded at $6.6820. 480,019 shares changed hands during trading, a decline of 63% from the average session volume of 1,307,881 shares. The stock had previously closed at $6.20.

A number of other analysts have also commented on ACDC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Monday, December 29th. Zacks Research upgraded shares of ProFrac from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 21st. Finally, UBS Group reaffirmed a “positive” rating on shares of ProFrac in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.63.

Institutional Investors Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently made changes to their positions in ACDC. EverSource Wealth Advisors LLC lifted its position in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the period. Raymond James Financial Inc. purchased a new stake in ProFrac in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ProFrac during the 3rd quarter valued at about $45,000. Price T Rowe Associates Inc. MD acquired a new position in shares of ProFrac during the 4th quarter valued at about $46,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of ProFrac during the 4th quarter worth about $47,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Stock Performance

The company’s fifty day moving average price is $5.42 and its two-hundred day moving average price is $4.51. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.56 and a current ratio of 0.81. The firm has a market capitalization of $1.21 billion, a PE ratio of -3.05 and a beta of 1.70.

ProFrac (NASDAQ:ACDC) last released its earnings results on Friday, March 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.07). The company had revenue of $436.50 million during the quarter, compared to analysts’ expectations of $402.95 million. ProFrac had a negative net margin of 18.97% and a negative return on equity of 33.18%. As a group, equities analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.