ProFrac (NASDAQ:ACDC) Major Shareholder Dan Wilks Acquires 517,669 Shares
by Kim Johansen · The Markets DailyProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) major shareholder Dan Wilks bought 517,669 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $4.86 per share, for a total transaction of $2,515,871.34. Following the transaction, the insider owned 87,297,864 shares in the company, valued at approximately $424,267,619.04. The trade was a 0.60% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
ProFrac Trading Down 2.5%
ACDC stock traded down $0.13 during mid-day trading on Wednesday, reaching $5.14. 1,327,232 shares of the stock traded hands, compared to its average volume of 1,905,267. ProFrac Holding Corp. has a one year low of $3.08 and a one year high of $8.22. The stock has a market capitalization of $929.93 million, a PE ratio of -2.21 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 business has a 50-day moving average price of $5.38 and a two-hundred day moving average price of $5.90.
Wall Street Analysts Forecast Growth
ACDC has been the topic of a number of analyst reports. Morgan Stanley set a $5.00 target price on ProFrac in a research note on Wednesday, July 15th. Wall Street Zen cut ProFrac from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler upped their price objective on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $5.50.
Read Our Latest Analysis on ACDC
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of ACDC. Creative Planning purchased a new position in ProFrac during the 2nd quarter worth $102,000. JPMorgan Chase & Co. grew its position in shares of ProFrac by 818.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after buying an additional 90,176 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of ProFrac by 7,241.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,524 shares of the company’s stock valued at $27,000 after buying an additional 3,476 shares during the period. First Trust Advisors LP purchased a new position in shares of ProFrac during the second quarter valued at $553,000. Finally, Sei Investments Co. increased its stake in shares of ProFrac by 17.7% during the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after buying an additional 6,200 shares during the period. Institutional investors own 12.75% of the company’s stock.
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.