ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Farris Wilks Buys 338,756 Shares

ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) major shareholder Farris Wilks purchased 338,756 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were bought at an average cost of $6.93 per share, for a total transaction of $2,347,579.08. Following the acquisition, the insider now owns 1,316,534 shares of the company's stock, valued at approximately $9,123,580.62. The trade was a 34.65 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

ProFrac Stock Up 0.8 %

Shares of ProFrac stock traded up $0.05 during trading on Tuesday, reaching $6.50. The company had a trading volume of 874,577 shares, compared to its average volume of 446,924. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -4.61 and a beta of 1.19. The firm's fifty day moving average is $7.80 and its 200-day moving average is $7.25. 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 Holding Corp. has a fifty-two week low of $5.16 and a fifty-two week high of $9.75.

Institutional Investors Weigh In On ProFrac

Institutional investors have recently modified their holdings of the stock. Pinnacle Associates Ltd. lifted its holdings in ProFrac by 39.8% in the third quarter. Pinnacle Associates Ltd. now owns 116,405 shares of the company's stock worth $790,000 after acquiring an additional 33,139 shares during the last quarter. Empowered Funds LLC acquired a new position in ProFrac in the third quarter worth approximately $3,764,000. Charles Schwab Investment Management Inc. grew its position in ProFrac by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company's stock worth $1,194,000 after buying an additional 6,063 shares during the last quarter. Townsquare Capital LLC purchased a new position in ProFrac during the 3rd quarter worth approximately $87,000. Finally, Verition Fund Management LLC grew its position in ProFrac by 94.0% during the 3rd quarter. Verition Fund Management LLC now owns 83,354 shares of the company's stock worth $566,000 after purchasing an additional 40,390 shares in the last quarter. Institutional investors and hedge funds own 12.75% of the company's stock.

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Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ACDC shares. JPMorgan Chase & Co. lowered ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 price target on the stock. in a research note on Friday, December 6th. Stifel Nicolaus cut their price objective on ProFrac from $7.00 to $6.00 and set a "hold" rating for the company in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, ProFrac currently has an average rating of "Hold" and an average target price of $7.20.

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.