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

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks bought 363,757 shares of the business’s stock in a transaction on Monday, August 24th. The stock was bought at an average price of $4.70 per share, for a total transaction of $1,709,657.90. Following the transaction, the insider directly owned 88,076,602 shares of the company’s stock, valued at approximately $413,960,029.40. This represents a 0.41% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

ProFrac Stock Performance

NASDAQ ACDC opened at $4.99 on Friday. The firm’s fifty day moving average price is $4.90 and its two-hundred day moving average price is $5.88. The stock has a market cap of $908.78 million, a PE ratio of -2.14 and a beta of 1.46. 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 debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Analyst Upgrades and Downgrades

ACDC has been the topic of a number of research reports. Morgan Stanley reduced their price objective on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. Piper Sandler increased 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. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $5.25.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACDC. EverSource Wealth Advisors LLC raised its stake 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 valued at $27,000 after acquiring an additional 3,476 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ProFrac in the second quarter worth $29,000. BNP Paribas Financial Markets increased its holdings in ProFrac by 389.4% in the second quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock valued at $48,000 after purchasing an additional 4,871 shares during the period. Tower Research Capital LLC TRC increased its holdings in ProFrac by 822.3% in the second quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock valued at $87,000 after purchasing an additional 10,016 shares during the period. Finally, Price T Rowe Associates Inc. MD bought a new position in ProFrac during the 4th quarter worth $46,000. 12.75% of the stock is currently 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.