ProFrac Holding Corp. (NASDAQ:ACDC) Given Average Rating of “Reduce” by Brokerages

ProFrac Holding Corp. (NASDAQ:ACDC) has been given an average recommendation of “Reduce” by the five research firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $7.40.

ACDC has been the subject of several analyst reports. Bank of America reaffirmed a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley downgraded shares of ProFrac from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $7.00 to $6.50 in a research report on Thursday, October 17th. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a report on Friday, December 6th.

Institutional Trading of ProFrac

Institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its position in shares of ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after buying an additional 443,530 shares during the last quarter. Marshall Wace LLP raised its stake in ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares in the last quarter. Arete Wealth Advisors LLC lifted its holdings in ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after buying an additional 107,908 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of ProFrac in the 3rd quarter worth approximately $3,764,000. 12.75% of the stock is owned by institutional investors and hedge funds.

ProFrac Stock Performance

NASDAQ:ACDC opened at $7.18 on Tuesday. The firm’s fifty day simple moving average is $7.16 and its 200 day simple moving average is $7.18. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. ProFrac has a twelve month low of $5.16 and a twelve month high of $9.75. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -5.09 and a beta of 1.15.

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.