Dan Wilks Purchases 30,820 Shares of ProFrac (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Dan Wilks acquired 30,820 shares of ProFrac stock in a transaction on Tuesday, August 25th. The shares were purchased at an average price of $4.81 per share, with a total value of $148,244.20. Following the completion of the purchase, the insider owned 88,107,422 shares in the company, valued at $423,796,699.82. This represents a 0.03% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

ProFrac Stock Down 1.1%

Shares of NASDAQ:ACDC traded down $0.05 during trading on Wednesday, reaching $4.62. 1,196,358 shares of the stock traded hands, compared to its average volume of 2,011,822. The stock has a market cap of $841.39 million, a P/E ratio of -1.98 and a beta of 1.46. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84. The stock has a 50-day moving average of $4.94 and a two-hundred day moving average of $5.89. ProFrac Holding Corp. has a 52-week low of $3.08 and a 52-week high of $8.22.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. Piper Sandler boosted their target price on ProFrac from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Wall Street Zen cut shares of ProFrac from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Morgan Stanley lowered their price objective on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating on the stock in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $5.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACDC. Walleye Capital LLC raised its position in shares of ProFrac by 3.6% during the fourth quarter. Walleye Capital LLC now owns 81,169 shares of the company’s stock valued at $316,000 after buying an additional 2,785 shares during the last quarter. Vanguard Group Inc. grew its stake 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 acquiring an additional 3,003 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in ProFrac by 3.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 96,957 shares of the company’s stock valued at $359,000 after acquiring an additional 3,318 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in ProFrac by 7,241.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock worth $27,000 after purchasing an additional 3,476 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of ProFrac by 27.2% during the 3rd quarter. Intech Investment Management LLC now owns 16,434 shares of the company’s stock valued at $61,000 after purchasing an additional 3,514 shares during 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.