ProFrac (NASDAQ:ACDC) Given New $6.00 Price Target at Stifel Nicolaus

ProFrac (NASDAQ:ACDC) had its price target reduced by Stifel Nicolaus from $7.00 to $6.00 in a report released on Tuesday,Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

ProFrac Stock Down 6.3 %

Shares of ACDC stock opened at $4.49 on Tuesday. ProFrac has a one year low of $4.00 and a one year high of $9.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The stock has a fifty day moving average price of $6.91 and a 200 day moving average price of $7.27. The stock has a market cap of $719.20 million, a P/E ratio of -3.18 and a beta of 1.05.

Insider Buying and Selling

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

Institutional Investors Weigh In On ProFrac

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of ProFrac by 1,822.8% during 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 in the last quarter. Bridgeway Capital Management LLC increased its holdings in ProFrac by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company’s stock valued at $8,189,000 after purchasing an additional 28,370 shares in the last quarter. Geode Capital Management LLC raised its position in ProFrac by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock valued at $4,591,000 after purchasing an additional 2,893 shares during the last quarter. Empowered Funds LLC boosted its stake in ProFrac by 5.1% in the fourth quarter. Empowered Funds LLC now owns 582,767 shares of the company’s stock worth $4,522,000 after purchasing an additional 28,370 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of ProFrac by 12.8% during the fourth quarter. American Century Companies Inc. now owns 528,912 shares of the company’s stock worth $4,104,000 after purchasing an additional 59,908 shares during the last quarter. Institutional investors and hedge funds 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.