Bank of America Trims ProFrac (NASDAQ:ACDC) Target Price to $8.50

ProFrac (NASDAQ:ACDC) had its target price cut by equities research analysts at Bank of America from $9.50 to $8.50 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 7.73% from the company’s current price.

Separately, Piper Sandler decreased their price objective on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday.

ProFrac Trading Down 0.3 %

Shares of NASDAQ:ACDC traded down $0.02 during trading on Monday, reaching $7.89. 345,239 shares of the company traded hands, compared to its average volume of 913,064. The company has a current ratio of 1.07, a quick ratio of 0.71 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -8.48 and a beta of 0.86. ProFrac has a 52-week low of $6.46 and a 52-week high of $14.23. The business’s fifty day moving average is $8.22 and its 200-day moving average is $7.97.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $581.50 million for the quarter, compared to the consensus estimate of $587.60 million. ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. As a group, analysts forecast that ProFrac will post 0.58 EPS for the current year.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc bought 440,217 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were bought at an average cost of $9.49 per share, with a total value of $4,177,659.33. Following the completion of the acquisition, the insider now owns 75,640,762 shares of the company’s stock, valued at $717,830,831.38. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Farris Wilks bought 330,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were acquired at an average cost of $22.08 per share, with a total value of $7,286,400.00. Following the completion of the transaction, the insider now directly owns 58,541,444 shares in the company, valued at approximately $1,292,595,083.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings Lp Thrc acquired 440,217 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average cost of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the transaction, the insider now directly owns 75,640,762 shares of the company’s stock, valued at approximately $717,830,831.38. The disclosure for this purchase can be found here. Insiders acquired 964,678 shares of company stock valued at $13,268,657 over the last 90 days. Corporate insiders own 2.93% of the company’s stock.

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its holdings in ProFrac by 42.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after purchasing an additional 2,034 shares during the period. Delta Investment Management LLC boosted its position in shares of ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after acquiring an additional 5,000 shares during the period. Jump Financial LLC acquired a new position in ProFrac in the 4th quarter valued at $179,000. Aristides Capital LLC bought a new stake in shares of ProFrac during the 4th quarter worth approximately $279,000. Finally, Quest Partners LLC acquired a new position in ProFrac during the fourth quarter worth about $356,000. Institutional investors own 12.75% of the company’s stock.

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.