Here's Why Smart Sand Inc's Stock Is Sinking Today
Shares of frack sand producer Smart Sand (NASDAQ: SND) were falling on Thursday morning and were down more than 15% at 11 a.m. EDT following an analyst downgrade.
That downgrade came from an analyst at Credit Suisse who cut the bank's rating on the stock from outperform to neutral while also slashing the price target from $20 to $8.50. Driving the decision to downgrade is that regional sand volumes in Texas are expanding much faster than anticipated. These volumes will likely bring about lower pricing and demand for frack sand from mines outside of the state.
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Source: Fool.com