Insider Buying: ProFrac (NASDAQ:ACDC) Major Shareholder Buys $1,709,657.90 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 363,757 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average price of $4.70 per share, with a total value of $1,709,657.90. Following the purchase, the insider owned 88,076,602 shares in the company, valued at $413,960,029.40. This trade represents a 0.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

ProFrac Stock Performance

Shares of NASDAQ:ACDC traded down $0.05 on Wednesday, reaching $4.62. The company’s stock had a trading volume of 1,196,358 shares, compared to its average volume of 2,011,822. ProFrac Holding Corp. has a 52-week low of $3.08 and a 52-week 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. The stock’s 50-day moving average is $4.94 and its two-hundred day moving average is $5.89. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACDC. Piper Sandler boosted their target price on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Monday, May 18th. Morgan Stanley dropped their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note 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 Sunday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, ProFrac presently has an average rating of “Reduce” and a consensus price target of $5.25.

Hedge Funds Weigh In On ProFrac

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in ProFrac by 156.5% during the first quarter. Dimensional Fund Advisors LP now owns 390,420 shares of the company’s stock worth $2,421,000 after acquiring an additional 238,210 shares during the period. Walleye Capital LLC raised its position in ProFrac by 328.6% in the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock worth $2,157,000 after acquiring an additional 266,742 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in ProFrac in the first quarter valued at $872,000. Quantinno Capital Management LP lifted its holdings in ProFrac by 94.4% in the first quarter. Quantinno Capital Management LP now owns 48,072 shares of the company’s stock valued at $298,000 after acquiring an additional 23,347 shares during the period. Finally, Sei Investments Co. lifted its holdings in ProFrac by 91.6% in the first 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 during the period. Institutional investors and hedge funds 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.