ProFrac (NASDAQ:ACDC) Trading Up 5.5% on Insider Buying Activity

Shares of ProFrac Holding Corp. (NASDAQ:ACDC) rose 5.5% during trading on Monday following insider buying activity. The stock traded as high as $6.42 and last traded at $6.47. Approximately 558,476 shares were traded during trading, a decline of 21% from the average daily volume of 708,827 shares. The stock had previously closed at $6.13.

Specifically, major shareholder Holdings Lp Thrc acquired 207,163 shares of the business’s stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $6.25 per share, with a total value of $1,294,768.75. Following the transaction, the insider now owns 79,855,858 shares in the company, valued at $499,099,112.50. The trade was a 0.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Holdings Lp Thrc bought 390,253 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $6.10 per share, for a total transaction of $2,380,543.30. Following the completion of the acquisition, the insider now directly owns 79,648,695 shares of the company’s stock, valued at approximately $485,857,039.50. This represents a 0.49% increase in their position. The disclosure for this purchase can be found here. In other ProFrac news, major shareholder Holdings Lp Thrc purchased 23,584 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average price of $6.12 per share, for a total transaction of $144,334.08. Following the completion of the purchase, the insider now directly owns 79,258,442 shares of the company’s stock, valued at $485,061,665.04. This trade represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley cut their target price on shares of ProFrac from $7.00 to $5.00 and set an “underweight” rating for the company in a research report on Friday. Stifel Nicolaus dropped their price target on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, ProFrac currently has a consensus rating of “Hold” and an average price target of $6.90.

ProFrac Price Performance

The firm has a market cap of $1.03 billion, a PE ratio of -4.55 and a beta of 1.14. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The stock has a 50 day moving average price of $5.75 and a two-hundred day moving average price of $6.99.

ProFrac (NASDAQ:ACDC) last released its earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, equities analysts expect that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On ProFrac

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in ProFrac by 1,822.8% during the 4th 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 during the period. Bridgeway Capital Management LLC lifted its position in ProFrac by 10.6% during the first quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock valued at $8,859,000 after purchasing an additional 111,913 shares during the period. Empowered Funds LLC boosted its holdings in ProFrac by 2.0% in the first quarter. Empowered Funds LLC now owns 594,680 shares of the company’s stock valued at $4,514,000 after purchasing an additional 11,913 shares during the last quarter. Geode Capital Management LLC grew its position in ProFrac by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock worth $4,591,000 after purchasing an additional 2,893 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of ProFrac by 10.4% during the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company’s stock valued at $4,431,000 after buying an additional 54,908 shares during the last quarter. Hedge funds and other institutional investors own 12.75% of the company’s stock.

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.