Holdings Lp Thrc Purchases 786,193 Shares of ProFrac Holding Corp. (NASDAQ:ACDC) Stock

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Holdings Lp Thrc purchased 786,193 shares of ProFrac stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $6.49 per share, for a total transaction of $5,102,392.57. Following the completion of the acquisition, the insider now owns 78,197,549 shares in the company, valued at approximately $507,502,093.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Holdings Lp Thrc also recently made the following trade(s):

• On Friday, August 30th, Holdings Lp Thrc purchased 6,136 shares of ProFrac stock. The stock was bought at an average price of $6.99 per share, for a total transaction of $42,890.64.
• On Tuesday, August 27th, Holdings Lp Thrc purchased 31,784 shares of ProFrac stock. The stock was bought at an average price of $6.69 per share, for a total transaction of $212,634.96.
• On Tuesday, August 20th, Holdings Lp Thrc purchased 46,999 shares of ProFrac stock. The stock was bought 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 bought at an average price of $6.49 per share, for a total transaction of $843,700.00.
• On Tuesday, August 13th, Holdings Lp Thrc purchased 411,383 shares of ProFrac stock. The stock was bought at an average price of $6.03 per share, for a total transaction of $2,480,639.49.

ProFrac Stock Performance

Shares of NASDAQ:ACDC opened at $6.25 on Friday. ProFrac Holding Corp. has a 52 week low of $5.59 and a 52 week high of $11.94. The stock has a market capitalization of $1.00 billion, a P/E ratio of -6.72 and a beta of 0.82. The firm has a fifty day simple moving average of $7.23 and a two-hundred day simple moving average of $7.86. The company has a quick ratio of 0.64, a current ratio of 1.01 and a debt-to-equity ratio of 0.85.

ProFrac (NASDAQ:ACDC) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.12). ProFrac had a negative return on equity of 2.30% and a negative net margin of 8.58%. The business had revenue of $579.40 million during the quarter, compared to analysts’ expectations of $624.64 million. On average, analysts expect that ProFrac Holding Corp. will post 0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProFrac

A number of large investors have recently made changes to their positions in ACDC. Russell Investments Group Ltd. boosted its stake in shares of ProFrac by 712.8% during the 4th quarter. Russell Investments Group Ltd. now owns 149,100 shares of the company’s stock worth $1,264,000 after purchasing an additional 130,757 shares during the period. Jump Financial LLC purchased a new position in shares of ProFrac during the 4th quarter worth about $179,000. Quest Partners LLC purchased a new position in shares of ProFrac during the 4th quarter worth about $356,000. Aristides Capital LLC purchased a new position in shares of ProFrac during the 4th quarter worth about $279,000. Finally, CastleKnight Management LP purchased a new position in shares of ProFrac during the 4th quarter worth about $956,000. 12.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Piper Sandler reduced their price target on shares of ProFrac from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus dropped their price objective 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, Bank of America dropped their price objective on shares of ProFrac from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Monday, July 15th.

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.