Stifel Nicolaus Issues Positive Forecast for ProFrac (NASDAQ:ACDC) Stock Price

ProFrac (NASDAQ:ACDC - Free Report) had its price objective increased by Stifel Nicolaus from $6.00 to $7.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a hold rating on the stock.

Separately, JPMorgan Chase & Co. downgraded shares of ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price objective for the company. in a research report on Friday, December 6th. 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $7.40.

ProFrac Stock Performance

ACDC traded up $0.18 during mid-day trading on Monday, reaching $7.38. 13,151 shares of the company traded hands, compared to its average volume of 753,191. ProFrac has a 52-week low of $5.16 and a 52-week high of $9.75. The company's fifty day moving average price is $7.72 and its 200-day moving average price is $7.27. 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 stock has a market capitalization of $1.18 billion, a P/E ratio of -5.26 and a beta of 1.18.

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Insider Buying and Selling

In other news, major shareholder Farris Wilks bought 338,756 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was bought at an average price of $6.93 per share, with a total value of $2,347,579.08. Following the acquisition, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. This represents a 34.65 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACDC. Bank of New York Mellon Corp boosted its holdings in ProFrac by 1,822.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock worth $13,858,000 after buying an additional 1,692,908 shares during the period. Empowered Funds LLC bought a new position in ProFrac in the 3rd quarter worth $3,764,000. Hotchkis & Wiley Capital Management LLC boosted its holdings 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 buying an additional 443,530 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of ProFrac by 52.0% during the 4th quarter. Wells Fargo & Company MN now owns 426,898 shares of the company's stock valued at $3,313,000 after purchasing an additional 146,028 shares during the last quarter. Finally, Arete Wealth Advisors LLC boosted its holdings in shares of ProFrac by 478.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 130,447 shares of the company's stock valued at $874,000 after purchasing an additional 107,908 shares during the last quarter. 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.