Insider Buying: ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Purchases $1,294,768.75 in Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc acquired 207,163 shares of ProFrac stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $6.25 per share, for a total transaction of $1,294,768.75. Following the completion of the purchase, the insider now owns 79,855,858 shares of the company’s stock, valued at approximately $499,099,112.50. This represents a 0.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major 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 Thursday, May 15th, Holdings Lp Thrc bought 390,253 shares of ProFrac stock. The shares were bought at an average cost of $6.10 per share, with a total value of $2,380,543.30.
• On Wednesday, May 14th, Holdings Lp Thrc bought 23,584 shares of ProFrac stock. The shares were bought at an average cost of $6.12 per share, with a total value of $144,334.08.
• On Monday, May 12th, Holdings Lp Thrc bought 23,599 shares of ProFrac stock. The shares were bought at an average cost of $4.85 per share, with a total value of $114,455.15.

ProFrac Trading Down 2.4%

NASDAQ:ACDC opened at $6.13 on Monday. The stock has a 50-day simple moving average of $5.77 and a 200-day simple moving average of $6.99. The stock has a market cap of $981.89 million, a P/E ratio of -4.35 and a beta of 1.14. ProFrac Holding Corp. has a 1 year low of $3.83 and a 1 year high of $9.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.62 and a current ratio of 0.95.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, analysts anticipate that ProFrac Holding Corp. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. AlphaQuest LLC acquired a new position in shares of ProFrac during the 4th quarter worth about $66,000. Exchange Traded Concepts LLC boosted its position in shares of ProFrac by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock worth $77,000 after acquiring an additional 9,416 shares in the last quarter. Catalina Capital Group LLC purchased a new stake in shares of ProFrac in the 4th quarter valued at about $79,000. Stratos Investment Management LLC purchased a new stake in shares of ProFrac in the 4th quarter valued at about $84,000. Finally, HighTower Advisors LLC purchased a new stake in shares of ProFrac in the 4th quarter valued at about $85,000. 12.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on ACDC. Stifel Nicolaus lowered their target price on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 15th. Morgan Stanley lowered their target price on ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.90.

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.