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

ProFrac (NASDAQ:ACDC) had its target price lowered by Stifel Nicolaus from $7.00 to $6.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other equities analysts also recently commented on ACDC. Bank of America restated a “hold” rating and set a $7.50 target price on shares of ProFrac in a report on Monday, October 14th. Morgan Stanley downgraded ProFrac from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, ProFrac currently has a consensus rating of “Hold” and an average price target of $7.20.

ProFrac Price Performance

Shares of ProFrac stock opened at $7.63 on Monday. 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 $1.22 billion, a PE ratio of -5.41 and a beta of 1.20. The business has a 50 day moving average of $7.55 and a 200 day moving average of $7.16. ProFrac has a 52 week low of $5.16 and a 52 week high of $9.75.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after acquiring an additional 443,530 shares in the last quarter. Empowered Funds LLC bought a new position in shares of ProFrac during the third quarter valued at $3,764,000. American Century Companies Inc. increased its holdings in shares of ProFrac by 72.0% during the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after acquiring an additional 132,108 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of ProFrac by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after acquiring an additional 6,063 shares in the last quarter. Institutional investors 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.