ProFrac (NASDAQ:ACDC) Given New $6.00 Price Target at Stifel Nicolaus

ProFrac (NASDAQ:ACDC) had its price objective cut by Stifel Nicolaus from $7.00 to $6.00 in a research report released on Monday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other research analysts have also recently commented on ACDC. Bank of America reiterated a “hold” rating and issued a $7.50 price target on shares of ProFrac in a research note on Monday, October 14th. Morgan Stanley cut ProFrac from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $7.00 to $6.50 in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target on the stock. in a research note on Friday, December 6th. Two 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 company. Based on data from MarketBeat, ProFrac presently has an average rating of “Hold” and a consensus target price of $7.20.

ProFrac Price Performance

ProFrac stock opened at $7.67 on Monday. The stock has a fifty day moving average of $7.48 and a 200-day moving average of $7.15. The stock has a market capitalization of $1.23 billion, a P/E ratio of -5.44 and a beta of 1.20. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. ProFrac has a 52 week low of $5.16 and a 52 week high of $9.75.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC lifted its position in shares of ProFrac by 114.4% in 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 period. Empowered Funds LLC bought a new position in ProFrac during the third quarter worth $3,764,000. American Century Companies Inc. lifted its holdings in ProFrac by 72.0% in the second 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 period. Marshall Wace LLP boosted its position in 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in ProFrac by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock worth $1,194,000 after acquiring an additional 6,063 shares during the period. 12.75% of the stock is owned by institutional investors.

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.