Stifel Nicolaus Has Lowered Expectations for ProFrac (NASDAQ:ACDC) Stock Price

ProFrac (NASDAQ:ACDC - Get Free Report) had its price target lowered by equities research analysts at Stifel Nicolaus from $7.00 to $6.00 in a report released on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Stifel Nicolaus' price objective would suggest a potential downside of 21.77% from the company's previous close.

ACDC has been the subject of a number of other reports. JPMorgan Chase & Co. cut ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price objective for the company. in a research note on Friday, December 6th. Bank of America reissued a "hold" rating and set a $7.50 price target on shares of ProFrac in a research report on Monday, October 14th. Finally, Morgan Stanley lowered shares of ProFrac from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $7.00 to $6.50 in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $7.20.

ProFrac Stock Down 6.6 %

Shares of ACDC traded down $0.54 during mid-day trading on Monday, hitting $7.67. The company's stock had a trading volume of 454,163 shares, compared to its average volume of 423,554. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -5.44 and a beta of 1.15. The company's 50-day moving average is $7.48 and its 200-day moving average is $7.15. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. ProFrac has a 52-week low of $5.16 and a 52-week high of $9.75.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently modified their holdings of ACDC. GAMMA Investing LLC increased its stake in ProFrac by 110.7% during the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock valued at $45,000 after purchasing an additional 3,021 shares in the last quarter. Townsquare Capital LLC acquired a new position in shares of ProFrac in the 3rd quarter valued at $87,000. Quantinno Capital Management LP purchased a new position in ProFrac in the 3rd quarter worth $100,000. Squarepoint Ops LLC acquired a new stake in ProFrac during the 2nd quarter worth about $150,000. Finally, Barclays PLC grew its stake in ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company's stock valued at $199,000 after purchasing an additional 19,898 shares during the last quarter. Institutional investors and hedge funds 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.