ProFrac (NASDAQ:ACDC) Shares Gap Up After Insider Buying Activity

Key Points

• ProFrac shares opened higher after insider buying, rising from a prior close of $5.14 to an opening price of $5.58 before trading near $5.20.
• Major shareholder Dan H. Wilks bought more than 720,000 shares across two transactions totaling approximately $3.6 million, while CEO Matthew Wilks purchased 22,481 shares worth about $122,000.
• Analyst sentiment remains cautious: ProFrac has an average “Reduce” rating and a $5.50 price target, with ratings split among Buy, Hold, and Sell recommendations.

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report)'s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $5.14, but opened at $5.58. ProFrac shares last traded at $5.1960, with a volume of 373,586 shares.

Specifically, major shareholder Dan H. Wilks bought 202,331 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average price of $5.44 per share, with a total value of $1,100,680.64. Following the completion of the purchase, the insider owned 87,500,195 shares in the company, valued at $476,001,060.80. This represents a 0.23% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Dan H. Wilks purchased 517,669 shares of ProFrac stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $4.86 per share, for a total transaction of $2,515,871.34. Following the completion of the acquisition, the insider owned 87,297,864 shares of the company's stock, valued at approximately $424,267,619.04. This trade represents a 0.60% increase in their position. The SEC filing for this purchase provides additional information. In other ProFrac news, CEO Matthew Wilks purchased 22,481 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average cost of $5.44 per share, with a total value of $122,296.64. Following the purchase, the chief executive officer owned 502,097 shares of the company's stock, valued at approximately $2,731,407.68. The trade was a 4.69% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

ACDC has been the topic of several research analyst reports. Piper Sandler upped their price objective on ProFrac from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ProFrac in a research report on Wednesday, June 24th. Morgan Stanley set a $5.00 target price on shares of ProFrac in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of ProFrac from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $5.50.

ProFrac Trading Up 2.0%

The stock's 50 day moving average is $5.38 and its two-hundred day moving average is $5.90. The company has a market capitalization of $948.56 million, a PE ratio of -2.26 and a beta of 1.46. 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 Investors Weigh In On ProFrac

Several large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its position in shares of ProFrac by 186.9% in the 1st quarter. Bank of America Corp DE now owns 175,664 shares of the company's stock worth $1,089,000 after purchasing an additional 114,429 shares during the period. Quantinno Capital Management LP lifted its holdings in ProFrac by 94.4% during the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company's stock worth $298,000 after buying an additional 23,347 shares during the period. Renaissance Technologies LLC bought a new stake in ProFrac during the 1st quarter valued at $872,000. Sei Investments Co. boosted its position in ProFrac by 91.6% during the 1st quarter. Sei Investments Co. now owns 99,986 shares of the company's stock valued at $620,000 after acquiring an additional 47,800 shares in the last quarter. Finally, Walleye Capital LLC increased its holdings in shares of ProFrac by 328.6% in the 1st quarter. Walleye Capital LLC now owns 347,911 shares of the company's stock valued at $2,157,000 after acquiring an additional 266,742 shares during the period. Institutional investors 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source