ProFrac (NASDAQ:ACDC) Major Shareholder Acquires $2,515,871.34 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks bought 517,669 shares of ProFrac stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the transaction, the insider directly owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. This represents a 0.60% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

ProFrac Stock Performance

ACDC stock opened at $5.37 on Friday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59. The company has a 50 day moving average price of $5.29 and a 200 day moving average price of $5.90. ProFrac Holding Corp. has a fifty-two week low of $3.08 and a fifty-two week high of $8.22. The stock has a market capitalization of $977.98 million, a PE ratio of -2.30 and a beta of 1.46.

Institutional Trading of ProFrac

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its position in shares of ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ProFrac in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of ProFrac in the 3rd quarter valued at about $45,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of ProFrac in the 4th quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ProFrac in the 4th quarter valued at approximately $47,000. Institutional investors own 12.75% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ACDC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Piper Sandler lifted their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley set a $5.00 price objective on ProFrac in a report on Wednesday, July 15th. Finally, Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, ProFrac presently has a consensus rating of “Reduce” and a consensus price target of $5.50.

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.