ProFrac (NASDAQ:ACDC) Major Shareholder Buys 30,820 Shares of Stock

Key Points

• Major shareholder Dan Wilks bought 30,820 ProFrac shares at an average price of $4.81, spending approximately $148,244. His holdings rose to 88.1 million shares, worth about $423.8 million.
• ProFrac shares fell 1.1% to $4.62, with the stock trading well below its 52-week high of $8.22 and carrying a debt-to-equity ratio of 1.42.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $5.25 price target, while institutional investors own 12.75% of outstanding shares.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) major shareholder Dan Wilks bought 30,820 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was acquired at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the transaction, the insider owned 88,107,422 shares in the company, valued at $423,796,699.82. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

ProFrac Trading Down 1.1%

Shares of NASDAQ ACDC traded down $0.05 during midday trading on Wednesday, reaching $4.62. The company 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 PE 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. The firm's fifty day moving average price is $4.94 and its 200-day moving average price is $5.89. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC boosted its stake in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company's stock worth $27,000 after acquiring an additional 3,476 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of ProFrac in the 2nd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ProFrac in the 3rd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD bought a new position in ProFrac during the 4th quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company purchased a new position in ProFrac during the fourth quarter valued at $47,000. 12.75% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ACDC shares. Weiss Ratings restated a "sell (d-)" rating on shares of ProFrac in a report on Wednesday, June 24th. Piper Sandler raised their price target on shares of ProFrac from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Monday, May 18th. Wall Street Zen downgraded shares of ProFrac from a "hold" rating to a "sell" rating in a research note on Sunday. Finally, Morgan Stanley reduced their price target on ProFrac from $5.00 to $4.50 and set an "underweight" rating on the stock in a report on Thursday, August 20th. One investment 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. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $5.25.

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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