ProFrac (NASDAQ:ACDC) Trading 6.7% Higher Following Insider Buying Activity

Posted by Defense World Staff on Jun 14th, 2023

ProFrac Holding Corp. (NASDAQ:ACDC – Get Rating) traded up 6.7% during trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $13.05 and last traded at $12.95. 54,312 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 694,641 shares. The stock had previously closed at $12.14.

Specifically, major shareholder Holdings Lp Thrc acquired 437,156 shares of the stock in a transaction dated Thursday, June 8th. The stock was bought at an average cost of $12.33 per share, with a total value of $5,390,133.48. Following the purchase, the insider now directly owns 71,286,729 shares of the company’s stock, valued at $878,965,368.57. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, major shareholder Holdings Lp Thrc acquired 437,156 shares of the stock in a transaction dated Thursday, June 8th. The stock was bought at an average cost of $12.33 per share, with a total value of $5,390,133.48. Following the purchase, the insider now directly owns 71,286,729 shares of the company’s stock, valued at $878,965,368.57. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Matthew Wilks purchased 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 29th. The shares were acquired at an average cost of $12.35 per share, with a total value of $98,800.00. Following the completion of the transaction, the chairman now owns 72,076 shares in the company, valued at approximately $890,138.60. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,652,981 shares of company stock valued at $19,811,706. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ACDC shares. Stifel Nicolaus decreased their price objective on shares of ProFrac from $31.00 to $22.00 in a research report on Monday, May 15th. JPMorgan Chase & Co. cut shares of ProFrac from an “overweight” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research report on Thursday, May 11th. Finally, Morgan Stanley decreased their price objective on shares of ProFrac from $30.00 to $22.00 in a research report on Tuesday, April 18th.

ProFrac Trading Up 11.0 %

The stock has a market cap of $2.14 billion and a price-to-earnings ratio of 5.45. The firm’s 50 day moving average is $11.71 and its two-hundred day moving average is $17.37. The company has a quick ratio of 0.76, a current ratio of 1.06 and a debt-to-equity ratio of 5.52.

ProFrac (NASDAQ:ACDC – Get Rating) last posted its earnings results on Tuesday, March 21st. The company reported $1.46 EPS for the quarter, topping the consensus estimate of $0.96 by $0.50. ProFrac had a net margin of 3.90% and a negative return on equity of 27.27%. The firm had revenue of $794.10 million during the quarter, compared to analysts’ expectations of $791.75 million. Equities analysts anticipate that ProFrac Holding Corp. will post 2.48 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ACDC. BlackRock Inc. bought a new position in shares of ProFrac in the first quarter valued at approximately $22,194,000. FMR LLC bought a new position in shares of ProFrac in the first quarter valued at approximately $9,858,000. Wellington Management Group LLP bought a new position in shares of ProFrac in the first quarter valued at approximately $9,100,000. Sagefield Capital LP bought a new position in shares of ProFrac in the first quarter valued at approximately $8,954,000. Finally, TCW Group Inc. bought a new position in shares of ProFrac in the first quarter valued at approximately $7,646,000. Institutional investors own 23.92% of the company’s stock.

About ProFrac

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ProFrac Holding Corp., an integrated energy services company, provides stimulation services, proppants production, and other complementary products and services to oil and gas companies in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production.