ProFrac (NASDAQ:ACDC) Cut to “Underweight” at Morgan Stanley

ProFrac (NASDAQ:ACDC) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a note issued to investors on Thursday, FinViz reports. They presently have a $6.50 price objective on the stock, down from their prior price objective of $7.00. Morgan Stanley’s price target suggests a potential downside of 6.61% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Stifel Nicolaus cut shares of ProFrac from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research note on Friday, October 11th. Bank of America restated a “hold” rating and issued a $7.50 target price on shares of ProFrac in a research note on Monday. Finally, Piper Sandler dropped their price target on ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, July 15th.

ProFrac Price Performance

Shares of NASDAQ:ACDC opened at $6.96 on Thursday. The firm has a market capitalization of $1.11 billion, a PE ratio of -7.48 and a beta of 0.81. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $6.63 and a two-hundred day moving average price of $7.61. ProFrac has a twelve month low of $5.59 and a twelve month high of $10.14.

ProFrac (NASDAQ:ACDC) last posted its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (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 analysts’ expectations of $624.64 million. Equities analysts forecast that ProFrac will post -0.13 EPS for the current year.

Insider Buying and Selling at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 130,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $6.49 per share, with a total value of $843,700.00. Following the purchase, the insider now owns 76,800,545 shares of the company’s stock, valued at approximately $498,435,537.05. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have bought 1,933,600 shares of company stock worth $12,207,161 over the last 90 days. Corporate insiders own 2.93% of the company’s stock.

Institutional Trading of ProFrac

A number of institutional investors have recently made changes to their positions in ACDC. Marshall Wace LLP increased its position in shares of ProFrac by 1,632.1% in the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after acquiring an additional 228,491 shares during the period. American Century Companies Inc. grew its holdings in ProFrac by 72.0% in 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 during the period. Point72 Asset Management L.P. bought a new position in ProFrac in the 2nd quarter worth about $365,000. Virtu Financial LLC bought a new stake in shares of ProFrac during the first quarter valued at approximately $401,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of ProFrac in the first quarter worth $357,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.