Insider Buying: ProFrac (NASDAQ:ACDC) Major Shareholder Buys $1,709,657.90 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc acquired 363,757 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the acquisition, the insider owned 83,785,415 shares of the company’s stock, valued at approximately $393,791,450.50. This trade represents a 0.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Holdings Lp Thrc also recently made the following trade(s):

• On Tuesday, August 25th, Holdings Lp Thrc bought 30,820 shares of ProFrac stock. The stock was purchased at an average cost of $4.81 per share, with a total value of $148,244.20.
• On Friday, August 21st, Holdings Lp Thrc bought 212,650 shares of ProFrac stock. The stock was purchased at an average price of $4.74 per share, for a total transaction of $1,007,961.00.

ProFrac Trading Down 5.1%

Shares of NASDAQ ACDC opened at $4.99 on Friday. The company’s fifty day moving average is $4.90 and its 200-day moving average is $5.88. The stock has a market cap of $908.78 million, a price-to-earnings ratio of -2.14 and a beta of 1.46. ProFrac Holding Corp. has a twelve month low of $3.08 and a twelve month high of $8.22. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Wall Street Analysts Forecast Growth

ACDC has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Piper Sandler increased their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Finally, Morgan Stanley dropped their target price on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $5.25.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning acquired a new stake in shares of ProFrac in the 2nd quarter valued at about $102,000. JPMorgan Chase & Co. boosted its position in shares of ProFrac by 818.7% during the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after buying an additional 90,176 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares during the period. First Trust Advisors LP bought a new position in shares of ProFrac during the second quarter worth about $553,000. Finally, Sei Investments Co. grew its holdings in shares of ProFrac by 17.7% during the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after buying an additional 6,200 shares in the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

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.