Weiss Ratings Reiterates "Sell (D-)" Rating for ProFrac (NASDAQ:ACDC)

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for ProFrac (NASDAQ: ACDC), indicating ongoing concerns over the company's performance.
• Despite a recent upgrade to a "hold" rating from Zacks, analysts remain largely negative, with an average rating of "Strong Sell" and a consensus price target of $5.80.
• ProFrac's stock is currently trading at $4.34, down 0.6% recently, with a 52-week low of $3.43 and a high of $10.70.

ProFrac (NASDAQ:ACDC - Get Free Report)'s stock had its "sell (d-)" rating restated by Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Several other equities research analysts have also recently weighed in on ACDC. Zacks Research raised shares of ProFrac from a "strong sell" rating to a "hold" rating in a research report on Monday, October 6th. Wall Street Zen cut shares of ProFrac from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Morgan Stanley set a $4.50 price target on shares of ProFrac and gave the company an "underweight" rating in a research report on Friday, October 17th. Finally, Piper Sandler dropped their price target on shares of ProFrac from $6.00 to $5.00 and set a "neutral" rating for the company in a research report on Thursday, October 16th. Three analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, ProFrac has an average rating of "Strong Sell" and a consensus price target of $5.80.

ProFrac Trading Down 0.6%

Shares of ProFrac stock traded down $0.03 during trading on Friday, reaching $4.34. The company's stock had a trading volume of 540,587 shares, compared to its average volume of 991,465. ProFrac has a 52-week low of $3.43 and a 52-week high of $10.70. The company has a market cap of $784.08 million, a price-to-earnings ratio of -2.49 and a beta of 1.61. The firm's 50-day moving average is $3.87 and its two-hundred day moving average is $5.75. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00.

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

Insiders Place Their Bets

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

Institutional Trading of ProFrac

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC raised its holdings in shares of ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock worth $27,000 after purchasing an additional 3,476 shares during the period. Farther Finance Advisors LLC purchased a new stake in ProFrac during the 2nd quarter worth approximately $29,000. Raymond James Financial Inc. acquired a new position in ProFrac during the 2nd quarter worth $29,000. BNP Paribas Financial Markets boosted its position in ProFrac by 389.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company's stock worth $48,000 after acquiring an additional 4,871 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in ProFrac by 822.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company's stock worth $87,000 after acquiring an additional 10,016 shares during the period. Hedge funds and other institutional investors own 12.75% of the company's stock.

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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