ProFrac (NASDAQ:ACDC) Major Shareholder Holdings Lp Thrc Buys 2,500,000 Shares

Key Points

• ProFrac Holding Corp. major shareholder Holdings Lp Thrc purchased 2,500,000 shares at $4.00 each, totaling $10 million and increasing their ownership stake by 3.13%.
• The stock price of ProFrac has recently increased by 8.8% to $3.85, despite reporting a quarterly earnings miss with a loss of ($0.67) per share.
• Equities analysts have lowered their ratings for ProFrac, with Morgan Stanley adjusting its price target from $7.00 to $5.00 and a consensus rating of "Reduce" for the stock.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) major shareholder Holdings Lp Thrc bought 2,500,000 shares of ProFrac stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $4.00 per share, with a total value of $10,000,000.00. Following the completion of the purchase, the insider owned 82,389,657 shares in the company, valued at approximately $329,558,628. This trade represents a 3.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

ProFrac Price Performance

Shares of ACDC stock traded up $0.21 during trading hours on Friday, hitting $4.01. 2,236,357 shares of the company's stock were exchanged, compared to its average volume of 2,024,938. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The firm has a market cap of $642.72 million, a P/E ratio of -2.30 and a beta of 1.67. The firm has a 50 day moving average of $7.14 and a two-hundred day moving average of $6.79. ProFrac Holding Corp. has a fifty-two week low of $3.43 and a fifty-two week high of $10.70.

ProFrac (NASDAQ:ACDC - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.38). The business had revenue of $501.90 million for the quarter, compared to analyst estimates of $532.93 million. ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%. Sell-side analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on ACDC. Wall Street Zen cut ProFrac from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler dropped their price target on ProFrac from $8.00 to $6.00 and set a "neutral" rating for the company in a research report on Wednesday. Bank of America cut ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price target for the company. in a research report on Wednesday, June 25th. Finally, Morgan Stanley dropped their price target on ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, ProFrac has an average rating of "Strong Sell" and an average price target of $6.10.

Institutional Trading of ProFrac

Several large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its holdings in ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company's stock valued at $87,000 after buying an additional 10,016 shares in the last quarter. Orion Porfolio Solutions LLC grew its holdings in ProFrac by 166.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 30,897 shares of the company's stock valued at $240,000 after buying an additional 19,301 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in ProFrac by 389.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company's stock valued at $48,000 after buying an additional 4,871 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in ProFrac by 2.8% in the 2nd quarter. Bridgeway Capital Management LLC now owns 1,199,562 shares of the company's stock valued at $9,309,000 after buying an additional 32,382 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in ProFrac in the 2nd quarter valued at $179,000. 12.75% of the stock is currently owned by hedge funds and other institutional investors.

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.