ProFrac (NASDAQ:ACDC) Major Shareholder Dan Wilks Buys 517,669 Shares

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks bought 517,669 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $4.86 per share, with a total value of $2,515,871.34. Following the transaction, the insider owned 87,297,864 shares of the company’s stock, valued at $424,267,619.04. The trade was a 0.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

ProFrac Price Performance

ProFrac stock opened at $5.14 on Thursday. The business’s 50-day simple moving average is $5.38 and its 200 day simple moving average is $5.90. The stock has a market cap of $929.93 million, a price-to-earnings ratio of -2.21 and a beta of 1.46. ProFrac Holding Corp. has a 12-month low of $3.08 and a 12-month high of $8.22. The company has a quick ratio of 0.59, a current ratio of 0.84 and a debt-to-equity ratio of 1.42.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Piper Sandler raised their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Morgan Stanley set a $5.00 price target on shares of ProFrac in a research note on Wednesday, July 15th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. One research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $5.50.

Institutional Investors Weigh In On ProFrac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Walleye Capital LLC lifted its stake in ProFrac by 3.6% in the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock valued at $316,000 after buying an additional 2,785 shares during the period. Vanguard Group Inc. grew its position in shares of ProFrac by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock worth $1,580,000 after buying an additional 3,003 shares during the period. Dimensional Fund Advisors LP grew its position in shares of ProFrac by 3.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock worth $359,000 after buying an additional 3,318 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of ProFrac by 7,241.7% in the 2nd 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 last quarter. Finally, Intech Investment Management LLC increased its stake in shares of ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock valued at $61,000 after acquiring an additional 3,514 shares during the last quarter. Institutional investors own 12.75% of the company’s stock.

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.