Dan Wilks Purchases 212,650 Shares of ProFrac (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 212,650 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average price of $4.74 per share, for a total transaction of $1,007,961.00. Following the purchase, the insider directly owned 87,712,845 shares in the company, valued at $415,758,885.30. The trade was a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

ProFrac Stock Down 1.1%

NASDAQ:ACDC traded down $0.05 during trading hours on Wednesday, reaching $4.62. 1,196,358 shares of the company traded hands, compared to its average volume of 2,011,822. The company has a current ratio of 0.84, a quick ratio of 0.59 and a debt-to-equity ratio of 1.42. The business’s 50-day moving average price is $4.94 and its two-hundred day moving average price is $5.89. ProFrac Holding Corp. has a 1 year low of $3.08 and a 1 year high of $8.22. The stock has a market capitalization of $841.39 million, a P/E ratio of -1.98 and a beta of 1.46.

Wall Street Analyst Weigh In

Several analysts recently commented on ACDC shares. Wall Street Zen downgraded shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday. Piper Sandler upped their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Finally, Morgan Stanley reduced their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, ProFrac presently has an average rating of “Reduce” and a consensus price target of $5.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of ProFrac by 7,241.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after purchasing an additional 3,476 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of ProFrac during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets lifted its stake in shares of ProFrac by 389.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 6,122 shares of the company’s stock worth $48,000 after purchasing an additional 4,871 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of ProFrac by 822.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 11,234 shares of the company’s stock worth $87,000 after purchasing an additional 10,016 shares during the period. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of ProFrac in the fourth quarter worth approximately $46,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

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.