Dan Wilks Acquires 517,669 Shares of ProFrac (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 517,669 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the transaction, the insider directly owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. The trade was a 0.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

ProFrac Stock Up 2.3%

ACDC stock opened at $5.26 on Friday. The stock has a fifty day moving average of $5.32 and a 200-day moving average 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 company has a market capitalization of $951.64 million, a price-to-earnings ratio of -2.26 and a beta of 1.46. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Analyst Ratings Changes

ACDC has been the subject of several recent research reports. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Morgan Stanley set a $5.00 price objective on shares of ProFrac in a research note on Wednesday, July 15th. Finally, Piper Sandler boosted their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $5.50.

Key ProFrac News

Here are the key news stories impacting ProFrac this week:

• Positive Sentiment: CEO Matthew Wilks purchased 80,000 shares across August 10 and 11 for approximately $401,839, increasing his position by roughly 22%. Major shareholder Dan H. Wilks also bought 720,000 shares for approximately $3.62 million. The transactions may support sentiment by signaling that insiders view recent prices as attractive. Matthew Wilks Buys 22,481 Shares of ProFrac Stock
• Neutral Sentiment: During its Q2 earnings call, ProFrac discussed ongoing growth opportunities and the need to maintain operating and capital-allocation discipline. The outlook appears constructive for demand, but investors are likely focused on whether expansion can translate into stronger cash generation. ProFrac Q2 Earnings Call: Growth, Cash Strain, Discipline
• Negative Sentiment: Analysts’ questions on the Q2 call highlighted investor concerns about ProFrac’s cash strain, financial flexibility and the pace at which growth investments can produce returns. Those issues may limit valuation upside, particularly given the company’s elevated leverage and weak liquidity ratios. Five revealing analyst questions from ProFrac’s Q2 earnings call

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Capital LLC boosted its holdings in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after purchasing an additional 266,742 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of ProFrac by 156.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock valued at $2,421,000 after buying an additional 238,210 shares in the last quarter. Renaissance Technologies LLC bought a new stake in ProFrac in the 1st quarter worth approximately $872,000. Sei Investments Co. lifted its position in ProFrac by 91.6% in the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company’s stock worth $620,000 after buying an additional 47,800 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in ProFrac by 17.0% in the first quarter. Bank of New York Mellon Corp now owns 79,914 shares of the company’s stock worth $495,000 after buying an additional 11,597 shares in the last quarter. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.