ProFrac (NASDAQ:ACDC) Downgraded by Stifel Nicolaus

ProFrac (NASDAQ:ACDC) was downgraded by stock analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat.com reports. They currently have a $7.00 price target on the stock. Stifel Nicolaus’ price objective would indicate a potential downside of 4.24% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Bank of America dropped their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Piper Sandler dropped their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th.

ProFrac Trading Down 0.5 %

NASDAQ ACDC opened at $7.31 on Friday. The stock has a market capitalization of $1.17 billion, a P/E ratio of -7.86 and a beta of 0.81. The business has a 50 day simple moving average of $6.65 and a 200 day simple moving average of $7.64. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. ProFrac has a one year low of $5.59 and a one year high of $10.14.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The company had revenue of $579.40 million for the quarter, compared to analyst estimates of $624.64 million. Research analysts expect that ProFrac will post -0.13 earnings per share for the current year.

Insider Activity

In other ProFrac news, major shareholder Holdings Lp Thrc bought 130,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average cost of $6.49 per share, with a total value of $843,700.00. Following the completion of the transaction, the insider now directly owns 76,800,545 shares in the company, valued at approximately $498,435,537.05. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders acquired 1,933,600 shares of company stock worth $12,207,161 over the last three months. 2.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC bought a new stake in shares of ProFrac in the 1st quarter worth $357,000. Delta Investment Management LLC boosted its holdings in ProFrac by 47.8% during the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock worth $129,000 after purchasing an additional 5,000 shares during the last quarter. Virtu Financial LLC bought a new stake in ProFrac in the 1st quarter worth about $401,000. Bank of New York Mellon Corp increased its stake in ProFrac by 12.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 117,720 shares of the company’s stock valued at $872,000 after buying an additional 12,683 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of ProFrac during the 2nd quarter worth approximately $44,000. 12.75% of the stock is owned by hedge funds and other 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.