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

ProFrac Holding Corp. (NASDAQ:ACDC) traded up 5.5% during trading 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 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 bought 207,163 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the purchase, the insider now directly owns 79,855,858 shares in the company, valued at approximately $499,099,112.50. This trade represents a 0.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holdings Lp Thrc bought 390,253 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were acquired at an average price of $6.10 per share, for a total transaction of $2,380,543.30. Following the completion of the transaction, the insider now directly owns 79,648,695 shares in the company, valued at approximately $485,857,039.50. This trade represents a 0.49% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other ProFrac news, major shareholder Holdings Lp Thrc acquired 23,584 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $6.12 per share, with a total value of $144,334.08. Following the completion of the acquisition, the insider now owns 79,258,442 shares in the company, valued at approximately $485,061,665.04. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

A number of analysts have recently issued reports on ACDC shares. Morgan Stanley lowered 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. Stifel Nicolaus reduced their target price on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.90.

ProFrac Stock Up 4.6%

The firm’s fifty day simple moving average is $5.75 and its 200 day simple moving average is $6.99. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -4.55 and a beta of 1.14. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

ProFrac (NASDAQ:ACDC) last issued its earnings results on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates 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 predict that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On ProFrac

Several hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC purchased a new stake in ProFrac in the fourth quarter valued at $66,000. Exchange Traded Concepts LLC boosted its position in shares of ProFrac by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 10,164 shares of the company’s stock valued at $77,000 after purchasing an additional 9,416 shares during the period. Catalina Capital Group LLC purchased a new position in ProFrac during the 4th quarter worth approximately $79,000. Stratos Investment Management LLC acquired a new position in ProFrac during the fourth quarter worth approximately $84,000. Finally, HighTower Advisors LLC purchased a new stake in ProFrac in the fourth quarter valued at approximately $85,000. 12.75% of the stock is currently owned by hedge funds and other 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.