ProFrac (NASDAQ:ACDC) Price Target Lowered to $6.00 at Stifel Nicolaus

ProFrac (NASDAQ:ACDC - Get Free Report) had its price objective lowered by investment analysts at Stifel Nicolaus from $7.00 to $6.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Stifel Nicolaus' target price suggests a potential upside of 22.45% from the stock's previous close.

ProFrac Stock Performance

Shares of NASDAQ ACDC traded up $0.38 during trading on Tuesday, reaching $4.90. 915,700 shares of the company traded hands, compared to its average volume of 728,802. 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 12-month low of $4.00 and a 12-month high of $9.75. The firm's fifty day simple moving average is $6.73 and its 200 day simple moving average is $7.22. The stock has a market cap of $784.87 million, a P/E ratio of -3.48 and a beta of 1.05.

Insiders Place Their Bets

In related news, major shareholder Farris Wilks purchased 338,756 shares of ProFrac stock in a transaction dated Wednesday, February 26th. The shares were acquired at an average cost of $6.93 per share, with a total value of $2,347,579.08. Following the purchase, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ProFrac

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Inscription Capital LLC purchased a new position in ProFrac during the 1st quarter worth $206,000. Exchange Traded Concepts LLC raised its position in ProFrac by 1,258.8% in the first quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company's stock worth $77,000 after acquiring an additional 9,416 shares in the last quarter. GAMMA Investing LLC grew its position in ProFrac by 689.6% during the first quarter. GAMMA Investing LLC now owns 45,396 shares of the company's stock worth $345,000 after buying an additional 39,647 shares during the period. Quantinno Capital Management LP increased its stake in ProFrac by 11.3% in the 4th quarter. Quantinno Capital Management LP now owns 16,387 shares of the company's stock valued at $127,000 after purchasing an additional 1,670 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of ProFrac by 2.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company's stock valued at $8,189,000 after buying an additional 28,370 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.