ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Buys $2,347,579.08 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Farris Wilks purchased 338,756 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were acquired at an average price of $6.93 per share, for a total transaction of $2,347,579.08. Following the completion of the acquisition, the insider now directly owns 1,316,534 shares of the company’s stock, valued at $9,123,580.62. This trade represents a 34.65 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

ProFrac Stock Performance

NASDAQ:ACDC opened at $7.19 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The business has a fifty day simple moving average of $7.82 and a two-hundred day simple moving average of $7.22. ProFrac Holding Corp. has a 1 year low of $5.16 and a 1 year high of $9.75. The company has a market capitalization of $1.15 billion, a P/E ratio of -5.10 and a beta of 1.19.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ACDC shares. Stifel Nicolaus decreased their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. downgraded ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 target price for the company. in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, ProFrac has a consensus rating of “Hold” and a consensus target price of $7.20.

Hedge Funds Weigh In On ProFrac

Hedge funds have recently made changes to their positions in the stock. Barclays PLC grew its position in shares of ProFrac by 213.6% in the third quarter. Barclays PLC now owns 29,215 shares of the company’s stock valued at $199,000 after purchasing an additional 19,898 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of ProFrac in the fourth quarter valued at $115,000. Hotchkis & Wiley Capital Management LLC grew its position in shares of ProFrac by 114.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after purchasing an additional 443,530 shares in the last quarter. Bleakley Financial Group LLC purchased a new position in shares of ProFrac in the fourth quarter valued at $455,000. Finally, Savant Capital LLC purchased a new position in shares of ProFrac in the fourth quarter valued at $147,000. 12.75% of the stock is currently owned by hedge funds and other 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.