Holdings Lp Thrc Purchases 786,193 Shares of ProFrac Holding Corp. (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc bought 786,193 shares of ProFrac stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $6.49 per share, with a total value of $5,102,392.57. Following the transaction, the insider now owns 78,197,549 shares of the company’s stock, valued at approximately $507,502,093.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, August 30th, Holdings Lp Thrc acquired 6,136 shares of ProFrac stock. The stock was acquired at an average cost of $6.99 per share, with a total value of $42,890.64.
• On Tuesday, August 27th, Holdings Lp Thrc purchased 31,784 shares of ProFrac stock. The stock was acquired at an average price of $6.69 per share, with a total value of $212,634.96.
• On Tuesday, August 20th, Holdings Lp Thrc purchased 46,999 shares of ProFrac stock. The shares were bought at an average cost of $6.48 per share, for a total transaction of $304,553.52.
• On Thursday, August 15th, Holdings Lp Thrc acquired 130,000 shares of ProFrac stock. The stock was bought at an average cost of $6.49 per share, with a total value of $843,700.00.
• On Tuesday, August 13th, Holdings Lp Thrc bought 411,383 shares of ProFrac stock. The shares were bought at an average cost of $6.03 per share, for a total transaction of $2,480,639.49.

ProFrac Price Performance

NASDAQ:ACDC traded down $0.41 during trading hours on Wednesday, hitting $6.16. The company’s stock had a trading volume of 698,415 shares, compared to its average volume of 915,341. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.01 and a quick ratio of 0.64. The company has a market capitalization of $986.52 million, a P/E ratio of -6.62 and a beta of 0.82. ProFrac Holding Corp. has a twelve month low of $5.59 and a twelve month high of $11.94. The stock has a fifty day simple moving average of $7.25 and a 200-day simple moving average of $7.87.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.12). The company had revenue of $579.40 million for the quarter, compared to the consensus estimate of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. On average, analysts anticipate that ProFrac Holding Corp. will post 0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its holdings in shares of ProFrac by 712.8% during the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock valued at $1,264,000 after acquiring an additional 130,757 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of ProFrac during the fourth quarter valued at about $179,000. Quest Partners LLC bought a new stake in shares of ProFrac during the fourth quarter worth about $356,000. Aristides Capital LLC acquired a new position in shares of ProFrac in the fourth quarter valued at approximately $279,000. Finally, CastleKnight Management LP bought a new position in ProFrac in the 4th quarter valued at approximately $956,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ACDC shares. Piper Sandler cut their price objective on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Bank of America dropped their target price on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Stifel Nicolaus reduced their price target on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, August 12th.

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.