Brokerages Set ProFrac Holding Corp. (NASDAQ:ACDC) Target Price at $9.63

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) have earned a consensus rating of “Moderate Buy” from the four ratings firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $9.63.

ACDC has been the topic of a number of research reports. Bank of America lowered their price target on ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus lowered their target price on ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Piper Sandler cut their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Monday, July 15th.

ProFrac Trading Down 1.2 %

Shares of ProFrac stock opened at $6.51 on Wednesday. The company’s fifty day moving average is $7.48 and its two-hundred day moving average is $7.92. ProFrac has a 1 year low of $5.59 and a 1 year high of $11.94. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 1.01. The company has a market capitalization of $1.04 billion, a P/E ratio of -7.00 and a beta of 0.85.

Insiders Place Their Bets

In other ProFrac news, major shareholder Holdings Lp Thrc purchased 440,217 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average cost of $9.49 per share, for a total transaction of $4,177,659.33. Following the completion of the purchase, the insider now directly owns 75,640,762 shares in the company, valued at $717,830,831.38. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 1,176,061 shares of company stock worth $9,306,597. Company insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in ProFrac during the second quarter worth about $365,000. Squarepoint Ops LLC acquired a new stake in shares of ProFrac in the 2nd quarter worth approximately $150,000. Marshall Wace LLP increased its stake in ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after purchasing an additional 228,491 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ProFrac by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 89,071 shares of the company’s stock worth $660,000 after purchasing an additional 5,312 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after purchasing an additional 132,108 shares in 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.