ProFrac (NASDAQ:ACDC) Price Target Cut to $10.00

ProFrac (NASDAQ:ACDC) had its target price lowered by research analysts at Stifel Nicolaus from $12.00 to $10.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 27.88% from the stock’s previous close.

ProFrac Stock Performance

ProFrac stock traded down $0.10 during midday trading on Thursday, reaching $7.82. 1,132,344 shares of the stock traded hands, compared to its average volume of 845,977. The company has a current ratio of 0.96, a quick ratio of 0.58 and a debt-to-equity ratio of 0.72. The firm has a fifty day moving average price of $7.56 and a two-hundred day moving average price of $8.67. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 7.90 and a beta of 0.70. ProFrac has a fifty-two week low of $6.46 and a fifty-two week high of $15.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Encompass Capital Advisors LLC acquired a new position in ProFrac during the 2nd quarter valued at about $33,167,000. BlackRock Inc. raised its position in shares of ProFrac by 6.2% during the 2nd quarter. BlackRock Inc. now owns 1,860,796 shares of the company’s stock worth $20,766,000 after buying an additional 109,123 shares in the last quarter. First Financial Bankshares Inc bought a new stake in shares of ProFrac during the 4th quarter worth about $8,580,000. State Street Corp raised its position in shares of ProFrac by 36.5% during the 1st quarter. State Street Corp now owns 872,363 shares of the company’s stock worth $11,053,000 after buying an additional 233,075 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of ProFrac by 134.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 820,658 shares of the company’s stock worth $6,959,000 after buying an additional 470,282 shares in the last quarter.

ProFrac Company Profile

ProFrac Holding Corp., an integrated energy services company, provides stimulation services, proppants production, and other complementary products and services to oil and gas companies in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.