ProFrac (NASDAQ:ACDC) Major Shareholder Acquires 212,650 Shares of Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks bought 212,650 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were acquired at an average price of $4.74 per share, with a total value of $1,007,961.00. Following the acquisition, the insider owned 87,712,845 shares of the company’s stock, valued at $415,758,885.30. This represents a 0.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

ProFrac Trading Down 1.1%

ACDC stock traded down $0.05 on Wednesday, reaching $4.62. The company’s stock had a trading volume of 1,196,358 shares, compared to its average volume of 2,011,822. The firm has a market cap of $841.39 million, a PE ratio of -1.98 and a beta of 1.46. The business has a fifty day simple moving average of $4.94 and a two-hundred day simple moving average of $5.89. ProFrac Holding Corp. has a 12-month low of $3.08 and a 12-month high of $8.22. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares in the last quarter. Raymond James Financial Inc. purchased a new position in ProFrac during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets boosted its stake in ProFrac by 389.4% during the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after acquiring an additional 4,871 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in ProFrac by 822.3% during the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after acquiring an additional 10,016 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new stake in ProFrac in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analysts Forecast Growth

ACDC has been the subject of several research analyst reports. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Sunday. Morgan Stanley decreased their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Finally, Piper Sandler lifted their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, ProFrac currently has a consensus rating of “Reduce” and a consensus price target of $5.25.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.