ProFrac Holding Corp. (NASDAQ: ACDC – Free Report) has received a consensus recommendation of “Moderate Buy” from the four research firms that currently cover the company, Marketbeat reports. Two investment analysts have rated the stock a “Hold” and two have rated it a “Buy.” The average 1-year price target among brokers that have issued a report on the stock in the last year is $9.63.
Several equities analysts have recently commented on the stock. Stifel Nicolaus lowered their price target on shares of ProFrac from $10.00 to $7.00 and gave the company a “buy” rating in a research report on Monday. Bank of America lowered their price target on shares of ProFrac from $9.50 to $8.50 and gave the company a “neutral” rating in a research report on Monday, July 15. Finally, Piper Sandler lowered their price target on shares of ProFrac from $11.00 to $9.00 and gave the company an “overweight” rating in a research report on Monday, July 15.
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Price development of ProFrac shares
ProFrac shares opened at $6.31 on Wednesday. The company has a market cap of $1.01 billion, a P/E ratio of -6.78 and a beta of 0.85. The company’s 50-day moving average is $7.71 and its 200-day moving average is $7.96. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.71 and a current ratio of 1.07. ProFrac has a 1-year low of $5.59 and a 1-year high of $11.94.
Insider activity
In other ProFrac news, major shareholder Holdings Lp Thrc bought 440,217 shares of the company’s stock on Tuesday, May 28. The shares were acquired at an average price of $9.49 per share, for a total value of $4,177,659.33. Following the completion of the purchase, the insider now directly owns 75,640,762 shares of the company’s stock, valued at $717,830,831.38. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.93% of the company’s stock.
Institutional investors comment on ProFrac
Several hedge funds have recently made changes to their positions in the company. First Financial Bankshares Inc. acquired a new stake in ProFrac shares during the 4th quarter valued at $8,580,000. American Century Companies Inc. increased its stake in shares of ProFrac by 72.0% during the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares during the same period. Russell Investments Group Ltd. increased its stake in shares of ProFrac by 712.8% during the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock valued at $1,264,000 after buying an additional 130,757 shares during the same period. CastleKnight Management LP acquired a new stake in ProFrac shares during the 4th quarter valued at $956,000. Finally, Virtu Financial LLC bought a new stake in shares of ProFrac in the 1st quarter valued at $401,000. Hedge funds and other institutional investors own 12.75% of the company’s shares.
About ProFrac
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ProFrac Holding Corp. is a U.S.-based technology-focused energy services holding company. It operates in three segments: Stimulation Services, Manufacturing and Proppant Production. The company provides hydraulic fracturing, well stimulation, in-basin frac sand and other completion services, as well as complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.
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