Insider Buying: ProFrac (NASDAQ:ACDC) Chairman Acquires 43,297 Shares of Stock

ProFrac Holding Corp. (NASDAQ:ACDC) Chairman Matthew Wilks acquired 43,297 shares of the business’s stock in a transaction on Monday, September 8th. The stock was bought at an average cost of $3.80 per share, for a total transaction of $164,528.60. Following the completion of the transaction, the chairman directly owned 422,097 shares of the company’s stock, valued at $1,603,968.60. This trade represents a 11.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

ProFrac Price Performance

Shares of NASDAQ ACDC opened at $3.88 on Thursday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.62. ProFrac Holding Corp. has a 1-year low of $3.43 and a 1-year high of $10.70. The company has a market capitalization of $621.89 million, a price-to-earnings ratio of -2.23 and a beta of 1.64. The business has a 50-day moving average of $5.90 and a 200-day moving average of $6.46.

ProFrac (NASDAQ:ACDC) last announced its earnings results on Thursday, August 7th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.38). The company had revenue of $501.90 million for the quarter, compared to analysts’ expectations of $532.93 million. ProFrac had a negative net margin of 12.89% and a negative return on equity of 22.78%. On average, equities analysts anticipate that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ACDC shares. Morgan Stanley reduced their target price on shares of ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Bank of America cut shares of ProFrac from a “neutral” rating to an “underperform” rating and set a $6.50 price objective for the company. in a research report on Wednesday, June 25th. Finally, Piper Sandler dropped their target price on ProFrac from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Strong Sell” and a consensus target price of $6.10.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Bridgeway Capital Management LLC increased its position in shares of ProFrac by 2.8% in the 2nd quarter. Bridgeway Capital Management LLC now owns 1,199,562 shares of the company’s stock worth $9,309,000 after purchasing an additional 32,382 shares during the last quarter. Empowered Funds LLC increased its holdings in ProFrac by 5.4% in the second quarter. Empowered Funds LLC now owns 627,062 shares of the company’s stock valued at $4,866,000 after buying an additional 32,382 shares during the last quarter. American Century Companies Inc. raised its stake in ProFrac by 5.9% during the second quarter. American Century Companies Inc. now owns 618,194 shares of the company’s stock valued at $4,797,000 after buying an additional 34,374 shares in the last quarter. Ameriprise Financial Inc. raised its stake in ProFrac by 46.2% during the second quarter. Ameriprise Financial Inc. now owns 217,375 shares of the company’s stock valued at $1,687,000 after buying an additional 68,675 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in ProFrac by 41.3% during the 2nd quarter. Bank of America Corp DE now owns 182,925 shares of the company’s stock worth $1,419,000 after buying an additional 53,468 shares during the last quarter. 12.75% of the stock is owned by institutional investors and hedge funds.

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.