ProFrac (NASDAQ:ACDC) Major Shareholder Dan Wilks Acquires 202,331 Shares of Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks purchased 202,331 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was bought at an average price of $5.44 per share, with a total value of $1,100,680.64. Following the completion of the transaction, the insider owned 87,500,195 shares of the company’s stock, valued at $476,001,060.80. The trade was a 0.23% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

ProFrac Trading Down 2.5%

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Piper Sandler raised their target price on shares of ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Finally, Morgan Stanley set a $5.00 price target on shares of ProFrac in a research note on Wednesday, July 15th. One equities 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 stock. According to MarketBeat.com, ProFrac presently has an average rating of “Reduce” and an average price target of $5.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Walleye Capital LLC raised its holdings in shares of ProFrac by 3.6% in the 4th quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock valued at $316,000 after purchasing an additional 2,785 shares in the last quarter. Vanguard Group Inc. increased its holdings in ProFrac by 0.7% during the third quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock valued at $1,580,000 after buying an additional 3,003 shares during the period. Dimensional Fund Advisors LP increased its holdings in ProFrac by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock valued at $359,000 after buying an additional 3,318 shares during the period. EverSource Wealth Advisors LLC raised its stake in ProFrac by 7,241.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after buying an additional 3,476 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in ProFrac by 27.2% in the third quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after buying an additional 3,514 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors.

ProFrac Company Profile

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.