ProFrac (NASDAQ:ACDC) Chairman Purchases $164,528.60 in Stock

Key Points

• Matthew Wilks, Chairman of ProFrac, increased his shares by purchasing 43,297 shares at an average price of $3.80 each, raising his total ownership to 422,097 shares valued at approximately $1.6 million.
• ProFrac's stock is currently trading at $3.68, down from a one-year high of $10.70, with analysts giving it a consensus rating of "Strong Sell" and an average target price of $6.10.
• The company reported earnings of ($0.67) per share for the last quarter, missing estimates and indicating significant challenges, with a projected EPS of -0.5 for the current fiscal year.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) Chairman Matthew Wilks acquired 43,297 shares of the company's stock in a transaction dated Monday, September 8th. The shares were bought at an average price of $3.80 per share, for a total transaction of $164,528.60. Following the acquisition, the chairman directly owned 422,097 shares of the company's stock, valued at approximately $1,603,968.60. This trade represents a 11.43% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

ProFrac Stock Down 3.8%

Shares of NASDAQ ACDC traded down $0.15 during trading on Friday, hitting $3.75. 966,894 shares of the company traded hands, compared to its average volume of 1,668,180. The business's fifty day moving average is $5.77 and its 200 day moving average is $6.41. ProFrac Holding Corp. has a fifty-two week low of $3.43 and a fifty-two week high of $10.70. The firm has a market capitalization of $601.05 million, a price-to-earnings ratio of -2.16 and a beta of 1.64. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.91.

ProFrac (NASDAQ:ACDC - Get Free Report) last announced its quarterly earnings data 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). ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. The company had revenue of $501.90 million for the quarter, compared to analyst estimates of $532.93 million. Equities research analysts predict that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of ProFrac from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Bank of America lowered shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 target price on the stock. in a report on Wednesday, June 25th. Finally, Piper Sandler lowered their target price on shares of ProFrac from $8.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Strong Sell" and an average price target of $6.10.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bridgeway Capital Management LLC increased its stake in ProFrac by 10.6% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company's stock valued at $8,859,000 after buying an additional 111,913 shares during the last quarter. JPMorgan Chase & Co. increased its stake in ProFrac by 818.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company's stock valued at $785,000 after buying an additional 90,176 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in ProFrac in the 1st quarter valued at about $548,000. First Trust Advisors LP purchased a new stake in ProFrac in the 2nd quarter valued at about $553,000. Finally, Ameriprise Financial Inc. increased its stake in ProFrac by 46.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company's stock valued at $1,687,000 after buying an additional 68,675 shares during the last quarter. Institutional investors and hedge funds own 12.75% of the company's stock.

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.