Matthew Wilks Purchases 22,481 Shares of ProFrac (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) CEO Matthew Wilks acquired 22,481 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average cost of $5.44 per share, with a total value of $122,296.64. Following the completion of the acquisition, the chief executive officer owned 502,097 shares in the company, valued at $2,731,407.68. This trade represents a 4.69% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Matthew Wilks also recently made the following trade(s):

• On Monday, August 10th, Matthew Wilks bought 57,519 shares of ProFrac stock. The stock was purchased at an average price of $4.86 per share, for a total transaction of $279,542.34.

ProFrac Stock Performance

ACDC traded down $0.13 during trading on Wednesday, hitting $5.14. The stock had a trading volume of 1,327,232 shares, compared to its average volume of 1,445,876. The firm has a market cap of $929.93 million, a PE ratio of -2.21 and a beta of 1.46. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. ProFrac Holding Corp. has a 12 month low of $3.08 and a 12 month high of $8.22. The company has a 50 day simple moving average of $5.42 and a 200-day simple moving average of $5.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning bought a new stake in shares of ProFrac in the second quarter valued at about $102,000. JPMorgan Chase & Co. increased its stake in ProFrac by 818.7% during the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock valued at $785,000 after acquiring an additional 90,176 shares during the period. EverSource Wealth Advisors LLC increased its stake in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after acquiring an additional 3,476 shares during the period. First Trust Advisors LP acquired a new position in ProFrac in the 2nd quarter valued at approximately $553,000. Finally, Sei Investments Co. raised its holdings in ProFrac by 17.7% in the 2nd quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after acquiring an additional 6,200 shares in the last quarter. Institutional investors own 12.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Piper Sandler boosted their price objective on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Morgan Stanley set a $5.00 price target on ProFrac in a research report on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Finally, Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, ProFrac currently has an average rating of “Reduce” and a consensus target price of $5.50.

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.