ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Buys $5,102,392.57 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc purchased 786,193 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $6.49 per share, for a total transaction of $5,102,392.57. Following the purchase, the insider now directly owns 78,197,549 shares of the company’s stock, valued at $507,502,093.01. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, August 30th, Holdings Lp Thrc purchased 6,136 shares of ProFrac stock. The shares were purchased at an average cost of $6.99 per share, for a total transaction of $42,890.64.
• On Tuesday, August 27th, Holdings Lp Thrc purchased 31,784 shares of ProFrac stock. The shares were purchased at an average cost of $6.69 per share, for a total transaction of $212,634.96.
• On Tuesday, August 20th, Holdings Lp Thrc purchased 46,999 shares of ProFrac stock. The shares were purchased at an average cost of $6.48 per share, for a total transaction of $304,553.52.
• On Thursday, August 15th, Holdings Lp Thrc acquired 130,000 shares of ProFrac stock. The stock was bought at an average price of $6.49 per share, with a total value of $843,700.00.
• On Tuesday, August 13th, Holdings Lp Thrc bought 411,383 shares of ProFrac stock. The stock was bought at an average cost of $6.03 per share, for a total transaction of $2,480,639.49.

ProFrac Trading Up 3.0 %

NASDAQ ACDC opened at $6.44 on Friday. The firm has a market cap of $1.03 billion, a P/E ratio of -6.92 and a beta of 0.81. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The stock’s 50-day moving average is $7.21 and its 200-day moving average is $7.85. ProFrac Holding Corp. has a one year low of $5.59 and a one year high of $11.94.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The business had revenue of $579.40 million for the quarter, compared to analyst estimates of $624.64 million. ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. Sell-side analysts anticipate that ProFrac Holding Corp. will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProFrac

A number of hedge funds and other institutional investors have recently bought and sold shares of ACDC. First Financial Bankshares Inc acquired a new stake in ProFrac in the 4th quarter valued at approximately $8,580,000. Marshall Wace LLP raised its position in ProFrac by 1,632.1% in the 2nd quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock valued at $1,797,000 after buying an additional 228,491 shares during the last quarter. American Century Companies Inc. raised its position in ProFrac by 72.0% in the 2nd quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after buying an additional 132,108 shares during the last quarter. Russell Investments Group Ltd. raised its position in ProFrac by 712.8% in the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock valued at $1,264,000 after buying an additional 130,757 shares during the last quarter. Finally, CastleKnight Management LP acquired a new stake in ProFrac in the 4th quarter valued at approximately $956,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ACDC. Stifel Nicolaus cut their target price on ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Piper Sandler cut their target price on ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Bank of America cut their target price on ProFrac from $9.50 to $8.50 and set a “neutral” rating on the stock in a research note on Monday, July 15th.

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.