ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Acquires $2,181,927.95 in Stock

Posted by Jared Coughlin on Sep 19th, 2024

ProFrac Holding Corp. (NASDAQ:ACDC – Get Free Report) major shareholder Holdings Lp Thrc purchased 353,635 shares of ProFrac stock in a transaction dated Thursday, September 12th. The stock was acquired at an average cost of $6.17 per share, with a total value of $2,181,927.95. Following the completion of the acquisition, the insider now directly owns 79,197,549 shares in the company, valued at $488,648,877.33. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more 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, September 9th, Holdings Lp Thrc purchased 2,154 shares of ProFrac stock. The stock was bought at an average price of $6.25 per share, with a total value of $13,462.50.
On Thursday, September 5th, Holdings Lp Thrc bought 165,316 shares of ProFrac stock. The stock was bought at an average cost of $6.20 per share, with a total value of $1,024,959.20.
On Tuesday, September 3rd, Holdings Lp Thrc purchased 786,193 shares of ProFrac stock. The stock was purchased at an average price of $6.49 per share, for a total transaction of $5,102,392.57.
On Friday, August 30th, Holdings Lp Thrc acquired 6,136 shares of ProFrac stock. The shares were purchased at an average cost of $6.99 per share, with a total value of $42,890.64.
On Tuesday, August 27th, Holdings Lp Thrc bought 31,784 shares of ProFrac stock. The stock was purchased at an average cost of $6.69 per share, for a total transaction of $212,634.96.
On Tuesday, August 20th, Holdings Lp Thrc acquired 46,999 shares of ProFrac stock. The stock was acquired at an average price of $6.48 per share, for a total transaction of $304,553.52.
On Thursday, August 15th, Holdings Lp Thrc purchased 130,000 shares of ProFrac stock. The stock was acquired at an average cost of $6.49 per share, for a total transaction of $843,700.00.
On Tuesday, August 13th, Holdings Lp Thrc acquired 411,383 shares of ProFrac stock. The shares were bought at an average price of $6.03 per share, with a total value of $2,480,639.49.

ProFrac Stock Performance

ProFrac stock opened at $6.39 on Thursday. The stock has a fifty day moving average price of $7.05 and a 200 day moving average price of $7.77. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.85. ProFrac Holding Corp. has a 52 week low of $5.59 and a 52 week high of $11.51. The firm has a market capitalization of $1.02 billion, a P/E ratio of -6.87 and a beta of 0.81.

ProFrac (NASDAQ:ACDC – Get Free Report) last released its earnings results on Friday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). The company had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. ProFrac had a negative net margin of 8.58% and a negative return on equity of 2.30%. Equities research analysts anticipate that ProFrac Holding Corp. will post 0.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ACDC has been the subject of a number of analyst reports. Bank of America cut their price target on ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a report on Monday, July 15th. Stifel Nicolaus cut their target price on shares of ProFrac from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Piper Sandler lowered their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Monday, July 15th.

Check Out Our Latest Stock Report on ProFrac

Institutional Trading of ProFrac

A number of institutional investors and hedge funds have recently made changes to their positions in ACDC. nVerses Capital LLC purchased a new stake in ProFrac during the second quarter valued at about $44,000. Delta Investment Management LLC lifted its stake in shares of ProFrac by 47.8% in the 1st quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of ProFrac during the 2nd quarter worth about $150,000. Jump Financial LLC acquired a new stake in ProFrac during the 4th quarter worth approximately $179,000. Finally, Aristides Capital LLC purchased a new position in ProFrac in the fourth quarter valued at approximately $279,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

ProFrac Company Profile

(Get Free Report)

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.