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

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc acquired 30,820 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was bought at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the purchase, the insider owned 83,816,235 shares in the company, valued at approximately $403,156,090.35. This trade represents a 0.04% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, August 24th, Holdings Lp Thrc bought 363,757 shares of ProFrac stock. The shares were bought at an average cost of $4.70 per share, with a total value of $1,709,657.90.
• On Friday, August 21st, Holdings Lp Thrc bought 212,650 shares of ProFrac stock. The shares were bought at an average cost of $4.74 per share, with a total value of $1,007,961.00.

ProFrac Trading Down 5.1%

ProFrac stock opened at $4.99 on Friday. ProFrac Holding Corp. has a 12 month low of $3.08 and a 12 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. The stock has a market cap of $908.78 million, a P/E ratio of -2.14 and a beta of 1.46. The company’s fifty day simple moving average is $4.90 and its 200-day simple moving average is $5.88.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On ProFrac

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake 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 worth $2,421,000 after acquiring an additional 238,210 shares in the last quarter. Walleye Capital LLC raised its stake in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after acquiring an additional 266,742 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of ProFrac in the 1st quarter valued at approximately $872,000. Quantinno Capital Management LP lifted its holdings in ProFrac by 94.4% in the 1st quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock worth $298,000 after purchasing an additional 23,347 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings 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 purchasing an additional 47,800 shares during 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.