ProFrac (NASDAQ:ACDC) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded ProFrac from “sell” to “hold,” while the broader analyst consensus remains “Reduce,” with an average price target of $5.50.
• ProFrac shares opened at $5.37, up 2.1%, with a market capitalization of approximately $978 million; the stock has traded between $3.08 and $8.22 over the past year.
• Insiders have recently increased their positions, including purchases by major shareholder Dan H. Wilks and CEO Matthew Wilks. Institutional investors own 12.75% of the company.

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

Other equities research analysts have also issued reports about the stock. Morgan Stanley set a $5.00 price objective on shares of ProFrac in a report on Wednesday, July 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Piper Sandler increased their target price on ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, ProFrac has an average rating of "Reduce" and an average target price of $5.50.

ProFrac Stock Up 2.1%

Shares of ProFrac stock opened at $5.37 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. ProFrac has a 52-week low of $3.08 and a 52-week high of $8.22. The company has a market capitalization of $977.98 million, a P/E ratio of -2.30 and a beta of 1.46. The company has a 50 day moving average of $5.29 and a 200 day moving average of $5.90.

Insider Buying and Selling

In related news, major shareholder Dan H. Wilks acquired 202,331 shares of ProFrac stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average price of $5.44 per share, for a total transaction of $1,100,680.64. Following the transaction, the insider owned 87,500,195 shares of the company's stock, valued at $476,001,060.80. This represents a 0.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Wilks purchased 22,481 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were bought at an average price 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 $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. In the last three months, insiders have acquired 800,000 shares of company stock worth $4,018,391. 2.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC increased its holdings in shares of ProFrac by 328.6% in the first quarter. Walleye Capital LLC now owns 347,911 shares of the company's stock valued at $2,157,000 after purchasing an additional 266,742 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of ProFrac by 156.5% during the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company's stock worth $2,421,000 after purchasing an additional 238,210 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of ProFrac by 94.4% during the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company's stock worth $298,000 after purchasing an additional 23,347 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of ProFrac during the first quarter worth $872,000. Finally, Sei Investments Co. lifted its holdings in shares of ProFrac by 91.6% during the first quarter. Sei Investments Co. now owns 99,986 shares of the company's stock worth $620,000 after purchasing an additional 47,800 shares during the period. Hedge funds and other institutional investors 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

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