ProFrac (NASDAQ:ACDC) Stock Bumped Up to Hold by Wall Street Zen

Key Points

• Wall Street Zen upgraded ProFrac (NASDAQ: ACDC) from “sell” to “hold,” though the broader analyst consensus remains “Reduce,” with an average price target of $5.25.
• ProFrac shares opened at $4.58, near the lower end of their 52-week range of $3.08 to $8.22. The company has a market capitalization of approximately $834 million and elevated leverage, with a debt-to-equity ratio of 1.42.
• Company insiders have recently been buying shares, acquiring 2.01 million shares worth about $9.75 million over the past 90 days; institutional investors own 12.75% of ProFrac.

ProFrac (NASDAQ:ACDC - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other research firms also recently issued reports on ACDC. Morgan Stanley dropped their price objective on shares of ProFrac from $5.00 to $4.50 and set an "underweight" rating for the company in a report on Thursday, August 20th. Weiss Ratings reissued a "sell (d-)" rating on shares of ProFrac in a research note on Monday, September 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $5.25.

ProFrac Price Performance

ACDC stock opened at $4.58 on Friday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. ProFrac has a one year low of $3.08 and a one year high of $8.22. The stock has a market cap of $834.11 million, a PE ratio of -1.97 and a beta of 1.52. The firm has a 50 day simple moving average of $4.75 and a two-hundred day simple moving average of $5.78.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Dan H. Wilks bought 30,820 shares of ProFrac stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $4.81 per share, with a total value of $148,244.20. Following the acquisition, the insider owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holdings Lp Thrc bought 30,820 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was acquired at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the transaction, the insider owned 83,816,235 shares in the company, valued at $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 2,014,454 shares of company stock worth $9,750,117. 2.23% of the stock is currently owned by insiders.

Institutional Trading of ProFrac

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in shares of ProFrac by 88.8% in the 2nd quarter. Allworth Financial LP now owns 6,658 shares of the company's stock valued at $39,000 after acquiring an additional 3,131 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in ProFrac during the 2nd quarter valued at about $68,000. SG Americas Securities LLC bought a new position in ProFrac during the 1st quarter worth approximately $86,000. Alpine Global Management LLC bought a new position in ProFrac during the 4th quarter worth approximately $88,000. Finally, AXQ Capital LP increased its stake in ProFrac by 11.0% in the 2nd quarter. AXQ Capital LP now owns 45,301 shares of the company's stock worth $263,000 after purchasing an additional 4,487 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

About ProFrac

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other completion services to oil and natural gas producers. Its operations support the development of unconventional wells, where specialized equipment and high-pressure pumping are used to stimulate underground formations and improve hydrocarbon recovery.

The company operates an integrated business model spanning stimulation services, proppant production and manufacturing. Its offerings include hydraulic fracturing, well stimulation, frac sand and other proppants, logistics and related equipment manufacturing, maintenance and repair services.

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