ProFrac (NASDAQ:ACDC) Chairman Matthew Wilks Buys 43,297 Shares

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 purchased 43,297 shares of the business's stock in a transaction dated Monday, September 8th. The shares were purchased at an average cost of $3.80 per share, with a total value of $164,528.60. Following the acquisition, the chairman owned 422,097 shares in the company, valued at $1,603,968.60. This trade represents a 11.43% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

ProFrac Price Performance

Shares of ProFrac stock traded down $0.16 on Tuesday, reaching $3.68. 931,545 shares of the stock were exchanged, compared to its average volume of 895,766. The firm's 50 day moving average is $6.07 and its 200-day moving average is $6.50. ProFrac Holding Corp. has a one year low of $3.43 and a one year high of $10.70. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.91. The firm has a market cap of $589.83 million, a PE ratio of -2.11 and a beta of 1.65.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.67) earnings per share for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.38). ProFrac had a negative return on equity of 22.78% and a negative net margin of 12.89%.The firm had revenue of $501.90 million for the quarter, compared to the consensus estimate of $532.93 million. As a group, analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

ACDC has been the subject of a number of research analyst reports. Wall Street Zen cut shares of ProFrac from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler lowered their price objective on shares of ProFrac from $8.00 to $6.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Bank of America cut shares of ProFrac from a "neutral" rating to an "underperform" rating and set a $6.50 price objective for the company. in a research report on Wednesday, June 25th. Finally, Morgan Stanley lowered their price objective on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Strong Sell" and an average target price of $6.10.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bridgeway Capital Management LLC boosted its stake in ProFrac by 2.8% during the second quarter. Bridgeway Capital Management LLC now owns 1,199,562 shares of the company's stock worth $9,309,000 after acquiring an additional 32,382 shares in the last quarter. Empowered Funds LLC boosted its stake in ProFrac by 5.4% during the second quarter. Empowered Funds LLC now owns 627,062 shares of the company's stock worth $4,866,000 after acquiring an additional 32,382 shares in the last quarter. American Century Companies Inc. boosted its stake in ProFrac by 5.9% during the second quarter. American Century Companies Inc. now owns 618,194 shares of the company's stock worth $4,797,000 after acquiring an additional 34,374 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in ProFrac by 46.2% during the second quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company's stock worth $1,687,000 after acquiring an additional 68,675 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in ProFrac by 41.3% during the second quarter. Bank of America Corp DE now owns 182,925 shares of the company's stock worth $1,419,000 after acquiring an additional 53,468 shares in the last quarter. 12.75% of the stock is owned by institutional investors.

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.

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