ProFrac Holding Corp. (NASDAQ:ACDC) Receives Consensus Recommendation of "Reduce" from Analysts

Key Points

• Analysts collectively rate ProFrac “Reduce,” with two sell, two hold, and one buy recommendation. The average 12-month price target is $5.25.
• ProFrac shares opened at $5.42, up 5.2%, but remain below their 200-day moving average of $5.87 and have traded between $3.08 and $8.22 over the past year.
• Insiders bought 2.01 million shares worth approximately $9.75 million over the past three months, while institutional investors own 12.75% of the company.

Shares of ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) have been given a consensus recommendation of "Reduce" by the five analysts that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $5.25.

Several analysts have weighed in on ACDC shares. Wall Street Zen cut ProFrac from a "hold" rating to a "sell" rating in a research report on Sunday, August 23rd. Piper Sandler lifted their price target on ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Morgan Stanley reduced their price target on ProFrac from $5.00 to $4.50 and set an "underweight" rating on the stock in a research note on Thursday, August 20th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of ProFrac in a research report on Wednesday, June 24th.

ProFrac Trading Up 5.2%

NASDAQ:ACDC opened at $5.42 on Wednesday. The company has a 50-day moving average price of $4.81 and a 200-day moving average price of $5.87. The stock has a market cap of $987.09 million, a price-to-earnings ratio of -2.33 and a beta of 1.49. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. ProFrac has a 12 month low of $3.08 and a 12 month high of $8.22.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 363,757 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was bought at an average cost of $4.70 per share, with a total value of $1,709,657.90. Following the transaction, the insider directly owned 83,785,415 shares in the company, valued at approximately $393,791,450.50. The trade was a 0.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Wilks acquired 57,519 shares of the business's stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $4.86 per share, for a total transaction of $279,542.34. Following the acquisition, the chief executive officer owned 479,616 shares of the company's stock, valued at approximately $2,330,933.76. This trade represents a 13.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 2,014,454 shares of company stock worth $9,750,117 in the last three months. 2.23% of the stock is owned by corporate insiders.

Institutional Trading of ProFrac

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its stake in shares of ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock worth $27,000 after acquiring an additional 3,476 shares during the last quarter. Raymond James Financial Inc. purchased a new position in ProFrac in the second quarter worth about $29,000. BNP Paribas Financial Markets raised its holdings in ProFrac by 389.4% in the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company's stock worth $48,000 after buying an additional 4,871 shares during the last quarter. Allworth Financial LP lifted its stake in shares of ProFrac by 88.8% in the second quarter. Allworth Financial LP now owns 6,658 shares of the company's stock worth $39,000 after buying an additional 3,131 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of ProFrac by 822.3% in the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company's stock worth $87,000 after buying an additional 10,016 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. 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

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