ProFrac (NASDAQ:ACDC) Price Target Raised to $7.00

ProFrac (NASDAQ:ACDC) had its price objective boosted by Stifel Nicolaus from $6.00 to $7.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Separately, JPMorgan Chase & Co. lowered 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. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.40.

ProFrac Stock Performance

NASDAQ ACDC opened at $7.51 on Monday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -5.33 and a beta of 1.18. The company has a 50-day simple moving average of $7.72 and a two-hundred day simple moving average of $7.27. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. ProFrac has a 12-month low of $5.16 and a 12-month high of $9.75.

Insider Transactions at ProFrac

In related news, major shareholder Farris Wilks acquired 338,756 shares of the stock in a transaction on Wednesday, February 26th. The stock was acquired at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now directly owns 1,316,534 shares of the company’s stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.93% of the stock is currently owned by company insiders.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. Bank of New York Mellon Corp lifted its holdings in ProFrac by 1,822.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after buying an additional 1,692,908 shares during the period. Empowered Funds LLC purchased a new stake in ProFrac in the third quarter worth about $3,764,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after buying an additional 443,530 shares during the period. Wells Fargo & Company MN lifted its holdings in ProFrac by 52.0% in the fourth quarter. Wells Fargo & Company MN now owns 426,898 shares of the company’s stock worth $3,313,000 after buying an additional 146,028 shares during the period. Finally, Arete Wealth Advisors LLC lifted its holdings in ProFrac by 478.8% in the third quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company’s stock worth $874,000 after buying an additional 107,908 shares during the period. 12.75% of the stock is currently 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.