ProFrac (NASDAQ:ACDC) Downgraded by Bank of America to Underperform

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

A number of other equities research analysts have also weighed in on the stock. Wall Street Zen raised shares of ProFrac from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. 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. Finally, Morgan Stanley cut their price objective on ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $6.70.

ProFrac Trading Up 4.9%

Shares of ACDC stock traded up $0.38 during trading hours on Wednesday, reaching $8.14. 608,642 shares of the company's stock were exchanged, compared to its average volume of 721,236. ProFrac has a 1 year low of $3.83 and a 1 year high of $10.70. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.98 and a quick ratio of 0.69. The stock's fifty day moving average price is $6.74 and its two-hundred day moving average price is $7.12.

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

Insider Buying and Selling

In related news, Chairman Matthew Wilks acquired 20,221 shares of ProFrac stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $4.32 per share, for a total transaction of $87,354.72. Following the purchase, the chairman now owns 308,977 shares of the company's stock, valued at approximately $1,334,780.64. This represents a 7.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 23,584 shares of the stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $6.12 per share, for a total transaction of $144,334.08. Following the purchase, the insider now directly owns 79,258,442 shares of the company's stock, valued at approximately $485,061,665.04. The trade was a 0.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 733,996 shares of company stock valued at $4,356,960 over the last 90 days. Insiders own 2.84% of the company's stock.

Institutional Trading of ProFrac

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACDC. BNP Paribas Financial Markets purchased a new position in ProFrac during the fourth quarter valued at $469,000. Ameriprise Financial Inc. boosted its holdings in ProFrac by 36.2% in the 4th quarter. Ameriprise Financial Inc. now owns 148,760 shares of the company's stock worth $1,154,000 after buying an additional 39,560 shares during the last quarter. Wells Fargo & Company MN increased its stake in ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock worth $3,313,000 after buying an additional 146,028 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after acquiring an additional 59,908 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of ProFrac by 689.6% in the first quarter. GAMMA Investing LLC now owns 45,396 shares of the company's stock valued at $345,000 after acquiring an additional 39,647 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company's stock.

About ProFrac

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.