Wells Fargo & Company MN Grows Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Wells Fargo & Company MN boosted its holdings in shares of ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 52.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 426,898 shares of the company's stock after acquiring an additional 146,028 shares during the period. Wells Fargo & Company MN owned about 0.27% of ProFrac worth $3,313,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Barclays PLC grew its holdings in ProFrac by 213.6% during the 3rd quarter. Barclays PLC now owns 29,215 shares of the company's stock valued at $199,000 after buying an additional 19,898 shares during the last quarter. SG Americas Securities LLC acquired a new stake in ProFrac during the 4th quarter valued at $115,000. American Century Companies Inc. grew its holdings in ProFrac by 12.8% during the 4th quarter. American Century Companies Inc. now owns 528,912 shares of the company's stock valued at $4,104,000 after buying an additional 59,908 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in ProFrac by 1,822.8% during the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company's stock valued at $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new stake in ProFrac during the 4th quarter valued at $112,000. Hedge funds and other institutional investors own 12.75% of the company's stock.

Insider Activity at ProFrac

In other news, major shareholder Farris Wilks bought 338,756 shares of ProFrac stock in a transaction that occurred on Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now owns 1,316,534 shares of the company's stock, valued at $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.93% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lowered their target price on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $7.20.

ProFrac Trading Down 4.6 %

ProFrac stock traded down $0.22 during midday trading on Monday, reaching $4.55. The stock had a trading volume of 736,719 shares, compared to its average volume of 722,261. ProFrac Holding Corp. has a twelve month low of $4.00 and a twelve month high of $9.75. The stock has a market capitalization of $728.81 million, a PE ratio of -3.23 and a beta of 1.05. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95. The stock's 50-day simple moving average is $6.36 and its 200 day simple moving average is $7.10.

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.