ProFrac Holding Corp. (NASDAQ:ACDC - Get Free Report) gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $7.17, but opened at $7.81. ProFrac shares last traded at $7.77, with a volume of 99,908 shares traded.
Specifically, major shareholder Farris Wilks bought 338,756 shares of the stock in a transaction on Wednesday, February 26th. The shares were purchased at an average price of $6.93 per share, with a total value of $2,347,579.08. Following the acquisition, the insider now directly owns 1,316,534 shares of the company's stock, valued at $9,123,580.62. This represents a 34.65 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Analysts Set New Price Targets
ACDC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered ProFrac from a "neutral" rating to an "underweight" rating and set a $7.00 target price on the stock. in a report on Friday, December 6th. Stifel Nicolaus lowered their target price on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $7.20.
Read Our Latest Stock Report on ACDC
ProFrac Price Performance
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 company has a fifty day moving average price of $7.80 and a two-hundred day moving average price of $7.25. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.
Institutional Trading of ProFrac
Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of ProFrac by 110.7% during the 4th quarter. GAMMA Investing LLC now owns 5,749 shares of the company's stock worth $45,000 after purchasing an additional 3,021 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in ProFrac in the 4th quarter valued at $57,000. AlphaQuest LLC acquired a new stake in ProFrac in the 4th quarter valued at $66,000. Catalina Capital Group LLC acquired a new stake in ProFrac in the 4th quarter valued at $79,000. Finally, Stratos Investment Management LLC acquired a new stake in ProFrac in the 4th quarter valued at $84,000. Institutional investors and hedge funds own 12.75% of the company's stock.
ProFrac Company Profile
(
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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.
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