Insider Buying: ProFrac (NASDAQ:ACDC) Major Shareholder Acquires $1,007,961.00 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc acquired 212,650 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was bought at an average cost of $4.74 per share, with a total value of $1,007,961.00. Following the acquisition, the insider owned 83,421,658 shares in the company, valued at approximately $395,418,658.92. This trade represents a 0.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions 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 price of $4.81 per share, for a total transaction of $148,244.20.
• On Monday, August 24th, Holdings Lp Thrc bought 363,757 shares of ProFrac stock. The shares were bought at an average cost of $4.70 per share, for a total transaction of $1,709,657.90.

ProFrac Stock Down 5.1%

Shares of ACDC stock opened at $4.99 on Friday. The stock has a 50 day moving average of $4.90 and a 200 day moving average of $5.88. 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 stock has a market cap of $908.78 million, a P/E ratio of -2.14 and a beta of 1.46. ProFrac Holding Corp. has a twelve month low of $3.08 and a twelve month high of $8.22.

Analysts Set New Price Targets

A number of brokerages have recently commented on ACDC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Piper Sandler boosted their target price on shares of ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Monday, May 18th. Morgan Stanley lowered their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Thursday, August 20th. Finally, Wall Street Zen lowered shares of ProFrac from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. 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 data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $5.25.

Institutional Investors Weigh In On ProFrac

Several institutional investors have recently bought and sold shares of ACDC. EverSource Wealth Advisors LLC increased its stake in ProFrac by 7,241.7% during the 2nd 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. Raymond James Financial Inc. purchased a new position in shares of ProFrac in the second quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of ProFrac in the third quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD purchased a new position in shares of ProFrac in the fourth quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ProFrac in the fourth quarter worth approximately $47,000. 12.75% of the stock is currently 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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.