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

ProFrac (NASDAQ:ACDC) had its price objective cut by Morgan Stanley from $7.00 to $5.00 in a report released on Friday morning,Benzinga reports. They currently have an underweight rating on the stock.

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

ProFrac Price Performance

Shares of ProFrac stock opened at $6.13 on Friday. The stock’s 50-day simple moving average is $5.77 and its 200-day simple moving average is $6.99. ProFrac has a 52 week low of $3.83 and a 52 week high of $9.75. The company has a market capitalization of $981.89 million, a price-to-earnings ratio of -4.35 and a beta of 1.14. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86.

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

Insider Buying and Selling

In related news, Chairman Matthew Wilks acquired 69,176 shares of ProFrac stock in a transaction on Monday, May 12th. The shares were bought at an average cost of $4.85 per share, with a total value of $335,503.60. Following the completion of the purchase, the chairman now directly owns 378,153 shares of the company’s stock, valued at $1,834,042.05. The trade was a 22.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc acquired 207,163 shares of ProFrac stock in a transaction on Friday, May 16th. The shares were bought at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the completion of the purchase, the insider now directly 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 disclosure for this purchase can be found here. Over the last three months, insiders have bought 1,072,752 shares of company stock worth $6,704,539. Corporate insiders own 2.84% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several large investors have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP increased its stake in ProFrac by 11.3% during the fourth quarter. Quantinno Capital Management LP now owns 16,387 shares of the company’s stock worth $127,000 after acquiring an additional 1,670 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in ProFrac by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company’s stock worth $706,000 after acquiring an additional 1,860 shares during the last quarter. Geode Capital Management LLC increased its stake in ProFrac by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after acquiring an additional 2,893 shares during the last quarter. Barclays PLC increased its stake in ProFrac by 14.4% during the fourth quarter. Barclays PLC now owns 33,409 shares of the company’s stock worth $259,000 after acquiring an additional 4,194 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in ProFrac by 64.7% during the first quarter. Deutsche Bank AG now owns 14,680 shares of the company’s stock worth $111,000 after acquiring an additional 5,767 shares during the last quarter. 12.75% of the stock is owned by institutional investors.

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.