Morgan Stanley Downgrades ProFrac (NASDAQ:ACDC) to Underweight

Morgan Stanley cut shares of ProFrac (NASDAQ:ACDC) from an equal weight rating to an underweight rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have $6.50 price objective on the stock, down from their previous price objective of $7.00.

Several other analysts also recently issued reports on the company. Bank of America reiterated a “hold” rating and set a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Stifel Nicolaus cut ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a research report on Friday, October 11th. Finally, Piper Sandler dropped their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th.

ProFrac Price Performance

NASDAQ ACDC opened at $6.24 on Thursday. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $998.00 million, a PE ratio of -6.71 and a beta of 0.81. ProFrac has a 12-month low of $5.59 and a 12-month high of $10.14. The company has a 50 day moving average price of $6.65 and a two-hundred day moving average price of $7.58.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). The business had revenue of $579.40 million during the quarter, compared to analyst estimates of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. As a group, equities analysts predict that ProFrac will post -0.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ProFrac news, major shareholder Holdings Lp Thrc bought 130,000 shares of the stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $6.49 per share, with a total value of $843,700.00. Following the acquisition, the insider now directly owns 76,800,545 shares of the company’s stock, valued at $498,435,537.05. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders acquired 1,933,600 shares of company stock valued at $12,207,161. Insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Several hedge funds have recently modified their holdings of the business. nVerses Capital LLC acquired a new position in ProFrac during the 2nd quarter valued at $44,000. Delta Investment Management LLC raised its position in shares of ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after buying an additional 5,000 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of ProFrac in the second quarter valued at about $150,000. Susquehanna Fundamental Investments LLC acquired a new stake in ProFrac during the first quarter worth about $357,000. Finally, Virtu Financial LLC bought a new position in ProFrac during the first quarter valued at about $401,000. 12.75% of the stock is 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.