Insider Buying: ProFrac (NASDAQ:ACDC) Major Shareholder Purchases $1,007,961.00 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc bought 212,650 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was acquired at an average cost of $4.74 per share, for a total transaction of $1,007,961.00. Following the purchase, the insider owned 83,421,658 shares of the company’s stock, valued at $395,418,658.92. This trade represents a 0.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, August 25th, Holdings Lp Thrc purchased 30,820 shares of ProFrac stock. The stock was acquired at an average cost of $4.81 per share, with a total value of $148,244.20.
• On Monday, August 24th, Holdings Lp Thrc purchased 363,757 shares of ProFrac stock. The stock was acquired at an average cost of $4.70 per share, with a total value of $1,709,657.90.

ProFrac Price Performance

ACDC traded down $0.05 during midday trading on Wednesday, reaching $4.62. 1,196,358 shares of the company’s stock were exchanged, compared to its average volume of 2,011,822. 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 business has a 50-day simple moving average of $4.94 and a two-hundred day simple moving average of $5.89. The firm has a market capitalization of $841.39 million, a price-to-earnings ratio of -1.98 and a beta of 1.46. ProFrac Holding Corp. has a one year low of $3.08 and a one year high of $8.22.

Hedge Funds Weigh In On ProFrac

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning bought a new stake in shares of ProFrac during the second quarter worth $102,000. JPMorgan Chase & Co. raised its holdings in shares of ProFrac by 818.7% in the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after buying an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position 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. First Trust Advisors LP acquired a new position in ProFrac during the 2nd quarter worth about $553,000. Finally, Sei Investments Co. grew its holdings in ProFrac by 17.7% during the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock worth $321,000 after acquiring an additional 6,200 shares during the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ACDC shares. Morgan Stanley cut their target price on ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. 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. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Weiss Ratings reiterated 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus 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.