ProFrac (NASDAQ:ACDC) Downgraded by JPMorgan Chase & Co. to "Underweight"

ProFrac (NASDAQ:ACDC - Get Free Report) was downgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a research report issued to clients and investors on Friday, Marketbeat reports. They presently have a $7.00 price objective on the stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 5.79% from the stock's previous close.

Several other equities analysts also recently issued reports on ACDC. Morgan Stanley downgraded shares of ProFrac from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Bank of America restated a "hold" rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Finally, Stifel Nicolaus downgraded ProFrac from a "buy" rating to a "hold" rating and set a $7.00 price objective for the company. in a research report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $7.40.

ProFrac Stock Performance

Shares of ACDC traded down $0.82 during mid-day trading on Friday, hitting $7.43. The stock had a trading volume of 685,009 shares, compared to its average volume of 859,502. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The company has a market cap of $1.19 billion, a PE ratio of -5.37 and a beta of 1.15. ProFrac has a fifty-two week low of $5.16 and a fifty-two week high of $9.75. The company's fifty day simple moving average is $7.09 and its two-hundred day simple moving average is $7.35.

Insider Activity at ProFrac

In other news, major shareholder Holdings Lp Thrc bought 353,635 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the acquisition, the insider now directly owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. The trade was a 0.45 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.93% of the company's stock.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently made changes to their positions in the business. Barclays PLC boosted its stake in shares of ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company's stock worth $199,000 after acquiring an additional 19,898 shares in the last quarter. Arete Wealth Advisors LLC raised its holdings in shares of ProFrac by 478.8% during the third quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company's stock valued at $874,000 after acquiring an additional 107,908 shares during the period. Quantinno Capital Management LP purchased a new stake in shares of ProFrac in the 3rd quarter valued at approximately $100,000. Hotchkis & Wiley Capital Management LLC boosted its stake in ProFrac by 114.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company's stock worth $5,645,000 after purchasing an additional 443,530 shares during the period. Finally, Verition Fund Management LLC grew its position in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company's stock worth $566,000 after purchasing an additional 40,390 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.