Morgan Stanley Issues Pessimistic Forecast for ProFrac (NASDAQ:ACDC) Stock Price

by · The Markets Daily

ProFrac (NASDAQ:ACDC – Get Free Report) had its price target lowered by Morgan Stanley from $5.00 to $4.50 in a report released on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 5.63% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Wall Street Zen raised ProFrac from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Piper Sandler lifted their target price on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $5.25.

View Our Latest Analysis on ProFrac

ProFrac Price Performance

ACDC stock traded down $0.44 during trading on Thursday, reaching $4.26. The company’s stock had a trading volume of 492,374 shares, compared to its average volume of 1,442,785. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The company’s fifty day moving average is $5.16 and its 200-day moving average is $5.90. The company has a market capitalization of $775.83 million, a P/E ratio of -1.83 and a beta of 1.46. ProFrac has a 1 year low of $3.08 and a 1 year high of $8.22.

Insider Buying and Selling at ProFrac

In other news, CEO Matthew Wilks bought 57,519 shares of ProFrac stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $4.86 per share, with a total value of $279,542.34. Following the completion of the purchase, the chief executive officer owned 479,616 shares in the company, valued at $2,330,933.76. The trade was a 13.63% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Dan H. Wilks bought 517,669 shares of the stock in a transaction dated Monday, August 10th. The stock was purchased at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the acquisition, the insider directly owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. The trade was a 0.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 800,000 shares of company stock valued at $4,018,391 over the last ninety days. 2.23% of the stock is owned by insiders.

Institutional Trading of ProFrac

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares during the period. Raymond James Financial Inc. bought a new position in ProFrac in the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new position in ProFrac in the 3rd quarter valued at $45,000. Price T Rowe Associates Inc. MD purchased a new stake in ProFrac in the fourth quarter worth $46,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in ProFrac in the fourth quarter worth $47,000. Institutional investors own 12.75% of the company’s stock.

ProFrac Company Profile

(Get Free Report)

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

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