Bank of America Downgrades ProFrac (NASDAQ:ACDC) to Underperform

Bank of America downgraded shares of ProFrac (NASDAQ:ACDC - Free Report) from a neutral rating to an underperform rating in a research report report published on Wednesday, Marketbeat reports. They currently have $6.50 target price on the stock.

A number of other equities analysts have also recently weighed in on ACDC. Morgan Stanley dropped their price target on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Wall Street Zen raised ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their price target on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $6.70.

ProFrac Trading Down 0.6%

ACDC traded down $0.05 during trading on Wednesday, reaching $8.09. The company had a trading volume of 1,612,739 shares, compared to its average volume of 725,423. The firm's 50-day simple moving average is $6.87 and its 200 day simple moving average is $7.13. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -5.43 and a beta of 1.75. ProFrac has a 12-month low of $3.83 and a 12-month high of $10.70. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.69 and a current ratio of 0.98.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.20. ProFrac had a negative return on equity of 11.85% and a negative net margin of 10.72%. Equities research analysts anticipate that ProFrac will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In other news, Chairman Matthew Wilks purchased 69,176 shares of ProFrac stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $4.85 per share, for a total transaction of $335,503.60. Following the acquisition, the chairman now directly owns 378,153 shares in the company, valued at $1,834,042.05. This represents a 22.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings Lp Thrc purchased 207,163 shares of ProFrac stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $6.25 per share, with a total value of $1,294,768.75. Following the completion of the acquisition, the insider now owns 79,855,858 shares in the company, 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. Insiders have acquired a total of 733,996 shares of company stock valued at $4,356,960 in the last 90 days. 2.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently made changes to their positions in ACDC. AlphaQuest LLC acquired a new stake in shares of ProFrac during the 4th quarter valued at about $66,000. Exchange Traded Concepts LLC lifted its holdings in shares of ProFrac by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock valued at $77,000 after buying an additional 9,416 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of ProFrac during the 4th quarter valued at about $85,000. Walleye Capital LLC acquired a new stake in shares of ProFrac during the 1st quarter valued at about $97,000. Finally, Deutsche Bank AG lifted its holdings in shares of ProFrac by 64.7% during the 1st quarter. Deutsche Bank AG now owns 14,680 shares of the company's stock valued at $111,000 after buying an additional 5,767 shares during the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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.