Holdings Lp Thrc Acquires 30,820 Shares of ProFrac (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc purchased 30,820 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were purchased at an average price of $4.81 per share, for a total transaction of $148,244.20. Following the completion of the purchase, the insider directly owned 83,816,235 shares of the company’s stock, valued at approximately $403,156,090.35. This trade represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, August 24th, Holdings Lp Thrc purchased 363,757 shares of ProFrac stock. The stock was purchased at an average cost of $4.70 per share, with a total value of $1,709,657.90.
• On Friday, August 21st, Holdings Lp Thrc acquired 212,650 shares of ProFrac stock. The stock was purchased at an average price of $4.74 per share, with a total value of $1,007,961.00.

ProFrac Stock Performance

Shares of NASDAQ:ACDC traded down $0.05 during trading on Wednesday, hitting $4.62. 1,196,358 shares of the stock were exchanged, compared to its average volume of 2,011,822. ProFrac Holding Corp. has a 1-year low of $3.08 and a 1-year high of $8.22. The company has a market capitalization of $841.39 million, a price-to-earnings ratio of -1.98 and a beta of 1.46. The company’s fifty day simple moving average is $4.94 and its 200-day simple moving average is $5.89. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.59 and a current ratio of 0.84.

Hedge Funds Weigh In On ProFrac

Institutional investors have recently modified their holdings of the business. Creative Planning bought a new stake in ProFrac during the second quarter worth $102,000. JPMorgan Chase & Co. lifted its position in ProFrac by 818.7% during the second quarter. JPMorgan Chase & Co. now owns 101,191 shares of the company’s stock worth $785,000 after acquiring an additional 90,176 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings 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 worth $27,000 after acquiring an additional 3,476 shares during the period. First Trust Advisors LP bought a new stake in shares of ProFrac during the second quarter worth approximately $553,000. Finally, Sei Investments Co. grew its position in shares of ProFrac by 17.7% in the second quarter. Sei Investments Co. now owns 41,305 shares of the company’s stock valued at $321,000 after purchasing an additional 6,200 shares during the last quarter. Institutional investors own 12.75% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ACDC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProFrac in a research report on Wednesday, June 24th. Morgan Stanley cut their price target on shares of ProFrac from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Thursday, August 20th. Wall Street Zen lowered ProFrac from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Piper Sandler raised their price target on ProFrac from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Monday, May 18th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $5.25.

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.