ProFrac (NASDAQ:ACDC) Upgraded by Zacks Research to "Hold" Rating

Key Points

• ProFrac (NASDAQ:ACDC) has been upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, reflecting a possible shift in investor sentiment.
• Despite the upgrade, the majority of analysts currently rate ProFrac stock with a "strong sell," with an average target price of $6.10.
• ProFrac reported a quarterly loss of ($0.67) EPS, missing expectations and showing negative financial performance, which contributed to varying analyst ratings.

ProFrac (NASDAQ:ACDC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of ProFrac from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProFrac in a research note on Saturday, September 27th. Bank of America cut shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price objective for the company. in a research note on Wednesday, June 25th. Finally, Piper Sandler cut their price objective on shares of ProFrac from $8.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, August 20th. Three analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, ProFrac presently has an average rating of "Strong Sell" and an average target price of $6.10.

ProFrac Price Performance

ACDC stock opened at $4.10 on Monday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. ProFrac has a one year low of $3.43 and a one year high of $10.70. The stock has a market cap of $734.02 million, a PE ratio of -2.36 and a beta of 1.61. The firm has a 50 day simple moving average of $4.39 and a two-hundred day simple moving average of $6.02.

ProFrac (NASDAQ:ACDC - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.38). ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%.The company had revenue of $501.90 million during the quarter, compared to analysts' expectations of $532.93 million. On average, analysts predict that ProFrac will post -0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holdings Lp Thrc acquired 2,500,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $4.00 per share, for a total transaction of $10,000,000.00. Following the acquisition, the insider owned 82,389,657 shares of the company's stock, valued at $329,558,628. This trade represents a 3.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Matthew Wilks acquired 43,297 shares of the firm's stock in a transaction on Monday, September 8th. The stock was bought at an average price of $3.80 per share, with a total value of $164,528.60. Following the completion of the acquisition, the chairman directly owned 422,097 shares in the company, valued at approximately $1,603,968.60. This represents a 11.43% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.84% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ACDC. Bridgeway Capital Management LLC increased its stake in shares of ProFrac by 10.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company's stock worth $8,859,000 after acquiring an additional 111,913 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of ProFrac by 689.6% in the 1st quarter. GAMMA Investing LLC now owns 45,396 shares of the company's stock worth $345,000 after acquiring an additional 39,647 shares in the last quarter. American Century Companies Inc. increased its stake in shares of ProFrac by 10.4% in the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company's stock worth $4,431,000 after acquiring an additional 54,908 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of ProFrac in the 1st quarter worth about $548,000. Finally, Nuveen LLC bought a new position in shares of ProFrac in the 1st quarter worth about $444,000. 12.75% of the stock is currently owned by institutional investors.

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.

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