ProFrac (NASDAQ:ACDC) Major Shareholder Buys $148,244.20 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 30,820 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were acquired at an average cost of $4.81 per share, with a total value of $148,244.20. Following the completion of the purchase, the insider directly owned 88,107,422 shares in the company, valued at approximately $423,796,699.82. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

ProFrac Price Performance

NASDAQ ACDC opened at $4.99 on Friday. The firm’s 50 day moving average is $4.90 and its 200-day moving average is $5.88. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $908.78 million, a PE ratio of -2.14 and a beta of 1.46. ProFrac Holding Corp. has a 12-month low of $3.08 and a 12-month high of $8.22.

Institutional Trading of ProFrac

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC lifted its position in shares of ProFrac by 7,241.7% in the second 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 during the last quarter. Raymond James Financial Inc. acquired a new position in shares of ProFrac during the 2nd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in ProFrac in the 3rd quarter valued at $45,000. Price T Rowe Associates Inc. MD bought a new stake in ProFrac in the 4th quarter valued at $46,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in ProFrac during the 4th quarter valued at $47,000. Institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ACDC. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler raised their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Finally, Morgan Stanley cut 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. One equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price 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.