ProFrac (NASDAQ:ACDC) Stock Moved Down to Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded ProFrac from “hold” to “sell.” Morgan Stanley also lowered its price target to $4.50 and assigned an “underweight” rating, while the overall analyst consensus is “Reduce” with a $5.25 target.
• ProFrac shares opened at $4.07, with a market capitalization of approximately $741 million. The stock has traded between $3.08 and $8.22 over the past year and remains below its 50-day and 200-day moving averages.
• Company insiders bought about 2 million shares worth $9.75 million during the last quarter, while institutional investors own 12.75% of the stock; several hedge funds increased their positions.

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

A number of other research analysts also recently commented on ACDC. Morgan Stanley lowered their target price on ProFrac from $5.00 to $4.50 and set an "underweight" rating on the stock in a research note on Thursday, August 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProFrac in a research note on Monday, September 21st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $5.25.

ProFrac Stock Performance

ProFrac stock opened at $4.07 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac has a one year low of $3.08 and a one year high of $8.22. The stock's 50 day moving average price is $4.72 and its 200 day moving average price is $5.57. The firm has a market capitalization of $741.23 million, a PE ratio of -1.75 and a beta of 1.52.

Insider Activity

In other news, major shareholder Holdings Lp Thrc purchased 30,820 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were bought at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the completion of the transaction, the insider owned 83,816,235 shares in the company, valued at $403,156,090.35. This represents a 0.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew Wilks bought 22,481 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was acquired at an average cost of $5.44 per share, for a total transaction of $122,296.64. Following the completion of the purchase, the chief executive officer directly owned 502,097 shares in the company, valued at approximately $2,731,407.68. This represents a 4.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 2,014,454 shares of company stock valued at $9,750,117. Corporate insiders own 2.23% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of ProFrac by 156.5% in the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company's stock valued at $2,421,000 after purchasing an additional 238,210 shares during the period. Walleye Capital LLC lifted its position in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company's stock worth $2,157,000 after purchasing an additional 266,742 shares during the period. Bank of America Corp DE lifted its position in shares of ProFrac by 186.9% during the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company's stock valued at $1,089,000 after acquiring an additional 114,429 shares during the period. Renaissance Technologies LLC acquired a new position in shares of ProFrac during the first quarter worth approximately $872,000. Finally, Sei Investments Co. increased its holdings in ProFrac by 91.6% during the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company's stock worth $620,000 after purchasing an additional 47,800 shares in the last quarter. Hedge funds and other institutional investors own 12.75% of the company's stock.

ProFrac Company Profile

ProFrac Holding Corp. is an energy services company that provides hydraulic fracturing and other well-stimulation services to oil and natural gas producers. Through its operations, the company supports the development and completion of unconventional wells, primarily in North American onshore energy markets.

The company's activities include pressure pumping and hydraulic fracturing services, proppant production and distribution, and the manufacture, sale, and maintenance of equipment used in well-completion operations.

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