ProFrac (NASDAQ:ACDC) Stock Price Up 5.5% Following Insider Buying Activity

ProFrac Holding Corp. (NASDAQ:ACDC)’s share price traded up 5.5% on Monday after an insider bought additional shares in the company. The company traded as high as $6.42 and last traded at $6.47. 558,476 shares were traded during mid-day trading, a decline of 21% from the average session volume of 708,827 shares. The stock had previously closed at $6.13.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Morgan Stanley dropped their price target on ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a research note on Friday, May 16th. Stifel Nicolaus lowered their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.90.

ProFrac Stock Up 1.2%

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The firm’s 50-day moving average price is $5.74 and its 200 day moving average price is $6.99. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -4.60 and a beta of 1.14.

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

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC increased its stake in ProFrac by 2.0% during the first quarter. Empowered Funds LLC now owns 594,680 shares of the company’s stock worth $4,514,000 after acquiring an additional 11,913 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of ProFrac by 10.6% in the 1st 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 in the last quarter. Walleye Capital LLC purchased a new stake in shares of ProFrac during the 1st quarter worth about $97,000. AlphaQuest LLC increased its position in ProFrac by 367.1% during the 1st quarter. AlphaQuest LLC now owns 39,699 shares of the company’s stock worth $301,000 after purchasing an additional 31,200 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in ProFrac by 10.4% in the first 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 period. Institutional investors and hedge funds own 12.75% of the company’s stock.

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.