ProFrac (NASDAQ:ACDC) Major Shareholder Holdings Lp Thrc Buys 363,757 Shares of Stock

Key Points

• Major shareholder Holdings LP THRC bought 363,757 ProFrac shares at an average price of $4.70, investing approximately $1.71 million. The purchase increased its stake by 0.44% to 83.8 million shares.
• ProFrac shares fell 1.1% to $4.62, with the stock trading below both its 50-day and 200-day moving averages. The company has a market capitalization of approximately $841 million.
• Analyst sentiment remains cautious: ProFrac has a consensus “Reduce” rating and an average price target of $5.25, while institutional investors own 12.75% of the company.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) major shareholder Holdings Lp Thrc acquired 363,757 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average cost of $4.70 per share, for a total transaction of $1,709,657.90. Following the purchase, the insider directly owned 83,785,415 shares in the company, valued at $393,791,450.50. This trade represents a 0.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more 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 bought 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 Friday, August 21st, Holdings Lp Thrc purchased 212,650 shares of ProFrac stock. The shares were acquired at an average cost of $4.74 per share, for a total transaction of $1,007,961.00.

ProFrac Stock Down 1.1%

Shares of NASDAQ:ACDC traded down $0.05 during trading on Wednesday, hitting $4.62. 1,196,358 shares of the company's stock traded hands, compared to its average volume of 2,011,822. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The company has a 50-day moving average price of $4.94 and a 200-day moving average price of $5.89. ProFrac Holding Corp. has a 52 week low of $3.08 and a 52 week high of $8.22. The company has a market cap of $841.39 million, a price-to-earnings ratio of -1.98 and a beta of 1.46.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ACDC shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProFrac in a report on Wednesday, June 24th. Morgan Stanley dropped their price objective on shares of ProFrac from $5.00 to $4.50 and set an "underweight" rating on the stock in a report on Thursday, August 20th. Wall Street Zen lowered shares of ProFrac from a "hold" rating to a "sell" rating in a research note on Sunday. Finally, Piper Sandler increased their target price on ProFrac from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Monday, May 18th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, ProFrac presently has a consensus rating of "Reduce" and a consensus price target of $5.25.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC boosted 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 acquiring an additional 3,476 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ProFrac in the second quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of ProFrac in the third quarter worth $45,000. Price T Rowe Associates Inc. MD acquired a new position in ProFrac during the fourth quarter worth $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ProFrac during the fourth quarter worth $47,000. Institutional investors own 12.75% of the company's stock.

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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