ProFrac (NASDAQ:ACDC) Price Target Raised to $9.50 at Bank of America

ProFrac (NASDAQ:ACDC) had its target price boosted by Bank of America from $8.50 to $9.50 in a research report released on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Separately, Stifel Nicolaus dropped their target price on shares of ProFrac from $12.00 to $10.00 and set a buy rating for the company in a research report on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $12.50.

ProFrac Stock Performance

ACDC stock opened at $8.49 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.62. The company has a 50 day moving average price of $7.97 and a 200 day moving average price of $8.27. ProFrac has a fifty-two week low of $6.46 and a fifty-two week high of $14.32. The stock has a market capitalization of $1.35 billion, a PE ratio of -16.02 and a beta of 0.71.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Friday, March 15th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.23). The business had revenue of $489.10 million for the quarter, compared to the consensus estimate of $594.17 million. ProFrac had a negative net margin of 3.98% and a positive return on equity of 3.04%. Analysts forecast that ProFrac will post 0.81 EPS for the current year.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in ProFrac by 6.2% in the 2nd quarter. BlackRock Inc. now owns 1,860,796 shares of the company’s stock worth $20,766,000 after purchasing an additional 109,123 shares during the period. First Financial Bankshares Inc acquired a new position in ProFrac in the 4th quarter worth $8,580,000. State Street Corp boosted its stake in ProFrac by 36.5% in the 1st quarter. State Street Corp now owns 872,363 shares of the company’s stock worth $11,053,000 after purchasing an additional 233,075 shares during the period. Goldman Sachs Group Inc. boosted its stake in ProFrac by 134.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 820,658 shares of the company’s stock worth $6,959,000 after purchasing an additional 470,282 shares during the period. Finally, FMR LLC acquired a new position in ProFrac in the 1st quarter worth $9,858,000. 12.75% of the stock is owned by institutional investors and hedge funds.

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.