Holdings Lp Thrc Purchases 31,784 Shares of ProFrac Holding Corp. (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc bought 31,784 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average price of $6.69 per share, with a total value of $212,634.96. Following the acquisition, the insider now owns 77,335,795 shares of the company’s stock, valued at $517,376,468.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% 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 Tuesday, August 20th, Holdings Lp Thrc acquired 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 bought 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 purchased 411,383 shares of ProFrac stock. The shares were bought at an average price of $6.03 per share, for a total transaction of $2,480,639.49.

ProFrac Stock Performance

Shares of ACDC opened at $6.85 on Friday. ProFrac Holding Corp. has a 52 week low of $5.59 and a 52 week high of $11.94. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85. The stock has a market cap of $1.10 billion, a P/E ratio of -7.37 and a beta of 0.85. The business’s 50 day moving average price is $7.30 and its 200-day moving average price is $7.88.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On ProFrac

Hedge funds have recently added to or reduced their stakes in the stock. First Financial Bankshares Inc purchased a new position in shares of ProFrac in the 4th quarter worth about $8,580,000. Russell Investments Group Ltd. raised its holdings in ProFrac by 712.8% in the fourth quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after buying an additional 130,757 shares during the last quarter. Jump Financial LLC bought a new position in shares of ProFrac in the fourth quarter worth approximately $179,000. CastleKnight Management LP bought a new position in shares of ProFrac in the fourth quarter worth approximately $956,000. Finally, Quest Partners LLC purchased a new stake in shares of ProFrac during the fourth quarter valued at approximately $356,000. 12.75% of the stock is owned by institutional investors.

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.