ProFrac Holding Corp. (NASDAQ:ACDC) Receives Average Recommendation of "Reduce" from Brokerages

Key Points

• ProFrac has a consensus “Reduce” rating from five covering brokerages: two sells, two holds and one buy. The average 12-month price target is $5.50, below the stock’s reported $5.37 opening price.
• Company insiders have recently increased their holdings, including major shareholder Dan H. Wilks’ purchase of 517,669 shares and CEO Matthew Wilks’ purchase of 57,519 shares. Insiders acquired 800,000 shares worth approximately $4.02 million over the past three months.
• ProFrac shares were up 2.1%, with a 12-month trading range of $3.08 to $8.22 and a market capitalization of approximately $978 million. Institutional investors own 12.75% of the company.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) has been given a consensus rating of "Reduce" by the five brokerages that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $5.50.

Several equities research analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Morgan Stanley set a $5.00 target price on shares of ProFrac in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Wall Street Zen upgraded shares of ProFrac from a "sell" rating to a "hold" rating in a report on Saturday.

Insider Activity

In other news, major shareholder Dan H. Wilks acquired 517,669 shares of the business's stock in a transaction dated Monday, August 10th. The stock was purchased at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the transaction, the insider directly owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. This trade represents a 0.60% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Wilks bought 57,519 shares of ProFrac stock in a transaction dated Monday, August 10th. The stock was purchased at an average cost of $4.86 per share, for a total transaction of $279,542.34. Following the completion of the acquisition, the chief executive officer directly owned 479,616 shares of the company's stock, valued at approximately $2,330,933.76. The trade was a 13.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 800,000 shares of company stock valued at $4,018,391 in the last three months. Insiders own 2.23% of the company's stock.

Institutional Trading of ProFrac

A number of large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock valued at $27,000 after acquiring an additional 3,476 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the second quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in ProFrac in the third quarter worth $45,000. Price T Rowe Associates Inc. MD bought a new stake in ProFrac in the fourth quarter worth $46,000. Finally, The Manufacturers Life Insurance Company bought a new stake in ProFrac in the fourth quarter worth $47,000. Institutional investors own 12.75% of the company's stock.

ProFrac Stock Up 2.1%

NASDAQ ACDC opened at $5.37 on Friday. ProFrac has a 12 month low of $3.08 and a 12 month high of $8.22. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The stock has a market cap of $977.98 million, a PE ratio of -2.30 and a beta of 1.46. The stock's 50 day moving average is $5.29 and its 200 day moving average is $5.90.

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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