ProFrac (NASDAQ:ACDC) Major Shareholder Acquires $1,007,961.00 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 212,650 shares of ProFrac stock in a transaction dated Friday, August 21st. The stock was bought at an average cost of $4.74 per share, for a total transaction of $1,007,961.00. Following the completion of the purchase, the insider directly owned 87,712,845 shares in the company, valued at approximately $415,758,885.30. This trade represents a 0.24% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

ProFrac Stock Performance

Shares of ACDC stock opened at $4.99 on Friday. The firm’s 50 day moving average price is $4.90 and its 200-day moving average price is $5.88. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. ProFrac Holding Corp. has a one year low of $3.08 and a one year high of $8.22. The firm has a market cap of $908.78 million, a P/E ratio of -2.14 and a beta of 1.46.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Walleye Capital LLC boosted its stake in shares of ProFrac by 3.6% in the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock valued at $316,000 after purchasing an additional 2,785 shares during the period. Vanguard Group Inc. increased its stake in ProFrac by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock worth $1,580,000 after buying an additional 3,003 shares during the period. Dimensional Fund Advisors LP lifted its holdings in ProFrac by 3.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock worth $359,000 after buying an additional 3,318 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in ProFrac by 7,241.7% during the 2nd 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 in the last quarter. Finally, Intech Investment Management LLC boosted its position in ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock valued at $61,000 after buying an additional 3,514 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

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

ProFrac Company Profile

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.