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

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc acquired 363,757 shares of ProFrac stock in a transaction dated 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 completion of the purchase, the insider owned 83,785,415 shares in the company, valued at approximately $393,791,450.50. The trade was a 0.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Holdings Lp Thrc also recently made the following trade(s):

• On Tuesday, August 25th, Holdings Lp Thrc bought 30,820 shares of ProFrac stock. The stock was bought at an average cost of $4.81 per share, for a total transaction of $148,244.20.
• On Friday, August 21st, Holdings Lp Thrc bought 212,650 shares of ProFrac stock. The shares were bought at an average price of $4.74 per share, for a total transaction of $1,007,961.00.

ProFrac Stock Down 1.1%

ACDC stock traded down $0.05 during mid-day trading on Wednesday, reaching $4.62. The company had a trading volume of 1,196,358 shares, compared to its average volume of 2,011,822. The company has a market capitalization of $841.39 million, a price-to-earnings ratio of -1.98 and a beta of 1.46. ProFrac Holding Corp. has a 52 week low of $3.08 and a 52 week high of $8.22. The stock has a 50 day simple moving average of $4.94 and a two-hundred day simple moving average of $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.

Hedge Funds Weigh In On ProFrac

Institutional investors and hedge funds have recently modified their holdings of the stock. Walleye Capital LLC boosted its position in shares of 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 acquiring an additional 2,785 shares during the period. Vanguard Group Inc. grew its stake in shares of ProFrac by 0.7% in the third quarter. Vanguard Group Inc. now owns 427,063 shares of the company’s stock valued at $1,580,000 after acquiring an additional 3,003 shares in the last quarter. Dimensional Fund Advisors LP increased its position in ProFrac by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock worth $359,000 after acquiring an additional 3,318 shares during the period. EverSource Wealth Advisors LLC increased its position in ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after acquiring an additional 3,476 shares during the period. Finally, Intech Investment Management LLC raised its stake in ProFrac by 27.2% in the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock worth $61,000 after purchasing an additional 3,514 shares in the last quarter. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ACDC shares. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a report on Sunday. Morgan Stanley lowered their price target on ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Finally, Piper Sandler raised their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. One 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 currently has an average rating of “Reduce” and a consensus price target of $5.25.

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.