Insider Buying: ProFrac (NASDAQ:ACDC) CEO Purchases 57,519 Shares of Stock

ProFrac Holding Corp. (NASDAQ:ACDC) CEO Matthew Wilks acquired 57,519 shares of ProFrac stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $4.86 per share, with a total value of $279,542.34. Following the purchase, the chief executive officer directly owned 479,616 shares of the company’s stock, valued at $2,330,933.76. This represents a 13.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Matthew Wilks also recently made the following trade(s):

• On Tuesday, August 11th, Matthew Wilks acquired 22,481 shares of ProFrac stock. The shares were bought at an average cost of $5.44 per share, for a total transaction of $122,296.64.

ProFrac Stock Down 2.5%

ProFrac stock traded down $0.13 during trading hours on Wednesday, reaching $5.14. The stock had a trading volume of 1,327,232 shares, compared to its average volume of 1,445,876. The company has a market cap of $929.93 million, a price-to-earnings ratio of -2.21 and a beta of 1.46. The business’s 50 day moving average price is $5.42 and its 200-day moving average price is $5.90. ProFrac Holding Corp. has a 52 week low of $3.08 and a 52 week high of $8.22. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.59.

Analysts Set New Price Targets

ACDC has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a report on Wednesday, June 24th. Wall Street Zen downgraded ProFrac from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Morgan Stanley set a $5.00 target price on ProFrac in a research report on Wednesday, July 15th. Finally, Piper Sandler upped their target price on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $5.50.

Institutional Investors Weigh In On ProFrac

Several institutional investors and hedge funds have recently made changes to their positions in ACDC. UBS Group AG grew its holdings in shares of ProFrac by 1,862.8% during the third quarter. UBS Group AG now owns 705,568 shares of the company’s stock valued at $2,611,000 after buying an additional 669,621 shares during the last quarter. AQR Capital Management LLC lifted its position in ProFrac by 61.7% during the 4th quarter. AQR Capital Management LLC now owns 1,638,822 shares of the company’s stock worth $6,375,000 after acquiring an additional 625,596 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of ProFrac by 27.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,484,760 shares of the company’s stock worth $5,494,000 after purchasing an additional 322,860 shares during the period. HRT Financial LP lifted its stake in ProFrac by 409.5% during the 4th quarter. HRT Financial LP now owns 382,837 shares of the company’s stock valued at $1,489,000 after acquiring an additional 307,696 shares during the period. Finally, Walleye Capital LLC lifted its position in ProFrac by 328.6% during the first quarter. Walleye Capital LLC now owns 347,911 shares of the company’s stock valued at $2,157,000 after purchasing an additional 266,742 shares during the period. 12.75% of the stock is currently owned by institutional investors and hedge funds.

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. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.