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

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Farris Wilks acquired 338,756 shares of the firm’s 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 purchase, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

ProFrac Trading Up 0.3 %

ACDC traded up $0.02 on Friday, reaching $7.19. 711,342 shares of the company’s stock were exchanged, compared to its average volume of 425,696. 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 twelve month low of $5.16 and a twelve month high of $9.75. The company’s 50 day moving average is $7.82 and its 200-day moving average is $7.22. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -5.10 and a beta of 1.19.

Institutional Investors Weigh In On ProFrac

A number of large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in ProFrac by 1,822.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock valued at $13,858,000 after acquiring an additional 1,692,908 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in ProFrac by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,055,267 shares of the company’s stock worth $8,189,000 after buying an additional 28,370 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of ProFrac by 114.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock valued at $5,645,000 after acquiring an additional 443,530 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of ProFrac by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after acquiring an additional 2,893 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in ProFrac by 5.1% in the fourth quarter. Empowered Funds LLC now owns 582,767 shares of the company’s stock valued at $4,522,000 after purchasing an additional 28,370 shares during the last quarter. Institutional investors and hedge funds own 12.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price objective on the stock. in a research note on Friday, December 6th. Stifel Nicolaus decreased their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.