ProFrac (NASDAQ:ACDC) Price Target Cut to $7.00

ProFrac (NASDAQ:ACDC) had its price target dropped by equities research analysts at Stifel Nicolaus from $10.00 to $7.00 in a report released on Monday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 10.94% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Bank of America cut their target price on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Piper Sandler cut their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th.

ProFrac Price Performance

ACDC opened at $6.31 on Monday. The company has a fifty day moving average price of $7.71 and a two-hundred day moving average price of $7.96. The firm has a market capitalization of $1.01 billion, a PE ratio of -6.78 and a beta of 0.85. ProFrac has a 52 week low of $5.59 and a 52 week high of $11.94. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 1.07.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 440,217 shares of the stock in a transaction dated Tuesday, May 28th. The shares were bought at an average cost of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the acquisition, the insider now directly owns 75,640,762 shares of the company’s stock, valued at $717,830,831.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ACDC. First Financial Bankshares Inc bought a new position in shares of ProFrac during the 4th quarter worth approximately $8,580,000. American Century Companies Inc. boosted its stake in ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares during the period. Russell Investments Group Ltd. grew its holdings in ProFrac by 712.8% in the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock valued at $1,264,000 after buying an additional 130,757 shares in the last quarter. Bank of New York Mellon Corp increased its position in ProFrac by 12.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock worth $872,000 after buying an additional 12,683 shares during the period. Finally, CastleKnight Management LP acquired a new position in shares of ProFrac in the fourth quarter valued at about $956,000. Institutional investors and hedge funds 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.