ProFrac Holding Corp. (NASDAQ:ACDC) Receives Average Rating of “Reduce” from Brokerages

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have been given a consensus recommendation of “Reduce” by the five research firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.40.

Several research analysts recently weighed in on ACDC shares. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. 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. Bank of America restated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Finally, Morgan Stanley cut shares of ProFrac from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.00 to $6.50 in a research report on Thursday, October 17th.

ProFrac Stock Performance

NASDAQ:ACDC opened at $7.39 on Tuesday. The stock has a 50-day simple moving average of $7.16 and a two-hundred day simple moving average of $7.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. ProFrac has a 52-week low of $5.16 and a 52-week high of $9.75. The firm has a market capitalization of $1.18 billion, a PE ratio of -5.24 and a beta of 1.15.

Institutional Investors Weigh In On ProFrac

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new stake in ProFrac during the 3rd quarter valued at $3,764,000. Hotchkis & Wiley Capital Management LLC increased its position in ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after acquiring an additional 443,530 shares during the last quarter. Marshall Wace LLP raised its stake in shares of ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after acquiring an additional 228,491 shares during the period. American Century Companies Inc. lifted its holdings in shares of ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after acquiring an additional 132,108 shares during the last quarter. Finally, Arete Wealth Advisors LLC boosted its stake in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after purchasing an additional 107,908 shares during the period. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.