ProFrac (NASDAQ:ACDC) Lowered to Underweight Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of ProFrac (NASDAQ:ACDC) from a neutral rating to an underweight rating in a research note released on Friday morning, MarketBeat.com reports. JPMorgan Chase & Co. currently has $7.00 price objective on the stock.

A number of other equities research analysts have also recently commented on the company. Bank of America reissued a “hold” rating and set a $7.50 price target 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 research note on Thursday, October 17th. Finally, Stifel Nicolaus downgraded ProFrac from a “buy” rating to a “hold” rating and set a $7.00 price target for the company. in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.40.

ProFrac Price Performance

NASDAQ ACDC opened at $7.41 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86. The business’s fifty day moving average is $7.11 and its 200 day moving average is $7.34. ProFrac has a fifty-two week low of $5.16 and a fifty-two week high of $9.75.

Insider Activity at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc bought 353,635 shares of ProFrac stock in a transaction on Thursday, September 12th. The shares were acquired at an average price of $6.17 per share, for a total transaction of $2,181,927.95. Following the completion of the purchase, the insider now directly owns 79,197,549 shares in the company, valued at approximately $488,648,877.33. This trade represents a 0.45 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.93% of the stock is currently owned by insiders.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. raised its stake in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock worth $2,339,000 after buying an additional 132,108 shares in the last quarter. Marshall Wace LLP raised its position in shares of ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after acquiring an additional 228,491 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after purchasing an additional 443,530 shares during the last quarter. Empowered Funds LLC bought a new stake in ProFrac during the third quarter valued at about $3,764,000. Finally, Point72 Asset Management L.P. purchased a new position in ProFrac in the second quarter valued at about $365,000. 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.