Holdings Lp Thrc Purchases 212,650 Shares of ProFrac (NASDAQ:ACDC) Stock

Key Points

• Major shareholder Holdings Lp Thrc bought 212,650 ProFrac shares at an average price of $4.74, investing about $1.01 million and increasing its position by 0.26% to 83.42 million shares.
• The shareholder also purchased 394,577 shares in two subsequent transactions, bringing its recent total buying to more than 607,000 shares.
• ProFrac shares traded at $4.62, while analysts held a generally negative view: the stock had an average “Reduce” rating and a $5.25 consensus price target; institutional investors owned 12.75% of the company.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) major shareholder Holdings Lp Thrc acquired 212,650 shares of the company's stock in a transaction dated Friday, August 21st. The stock was acquired at an average price of $4.74 per share, for a total transaction of $1,007,961.00. Following the completion of the purchase, the insider directly 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 position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, August 25th, Holdings Lp Thrc acquired 30,820 shares of ProFrac stock. The shares were 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 bought 363,757 shares of ProFrac stock. The shares were acquired at an average price of $4.70 per share, with a total value of $1,709,657.90.

ProFrac Stock Performance

ACDC traded down $0.05 during midday trading on Wednesday, reaching $4.62. The company's stock had a trading volume of 1,196,358 shares, compared to its average volume of 2,011,822. The stock has a market cap of $841.39 million, a P/E ratio of -1.98 and a beta of 1.46. The company has a fifty day simple moving average of $4.94 and a 200 day simple moving average of $5.89. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. ProFrac Holding Corp. has a twelve month low of $3.08 and a twelve month high of $8.22.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price objective on ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProFrac in a research report on Wednesday, June 24th. Morgan Stanley cut their target price on shares of ProFrac from $5.00 to $4.50 and set an "underweight" rating for the company in a research note on Thursday, August 20th. Finally, Wall Street Zen downgraded shares of ProFrac from a "hold" rating to a "sell" rating in a report on Sunday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, ProFrac currently has an average rating of "Reduce" and an average target price of $5.25.

Institutional Trading of ProFrac

A number of institutional investors and hedge funds have recently modified their holdings of the company. Walleye Capital LLC raised its stake in shares of ProFrac by 3.6% in the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company's stock valued at $316,000 after purchasing an additional 2,785 shares in the last quarter. Vanguard Group Inc. boosted its stake in ProFrac by 0.7% during the third quarter. Vanguard Group Inc. now owns 427,063 shares of the company's stock worth $1,580,000 after buying an additional 3,003 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in ProFrac by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company's stock worth $359,000 after buying an additional 3,318 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock valued at $27,000 after buying an additional 3,476 shares during the period. Finally, Intech Investment Management LLC increased its holdings in ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company's stock valued at $61,000 after buying an additional 3,514 shares during the period. 12.75% of the stock is currently owned by 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.

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