ProFrac Holding Corp. (NASDAQ:ACDC) Major Shareholder Farris Wilks Buys 330,000 Shares

ProFrac Holding Corp. (NASDAQ:ACDC) major shareholder Farris Wilks acquired 330,000 shares of ProFrac stock in a transaction dated Thursday, April 25th. The stock was purchased at an average cost of $22.08 per share, for a total transaction of $7,286,400.00. Following the completion of the purchase, the insider now directly owns 58,541,444 shares in the company, valued at $1,292,595,083.52. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

ProFrac Stock Performance

Shares of ACDC traded down $0.06 during mid-day trading on Wednesday, hitting $9.47. The stock had a trading volume of 1,792,224 shares, compared to its average volume of 984,635. The company has a market cap of $1.51 billion, a PE ratio of -10.18 and a beta of 0.76. The company’s fifty day simple moving average is $8.16 and its two-hundred day simple moving average is $8.00. The company has a quick ratio of 0.71, a current ratio of 1.07 and a debt-to-equity ratio of 0.72. ProFrac Holding Corp. has a fifty-two week low of $6.46 and a fifty-two week high of $14.32.

ProFrac (NASDAQ:ACDC) last announced its quarterly earnings results on Friday, March 15th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.23). ProFrac had a negative return on equity of 1.00% and a negative net margin of 5.35%. The business had revenue of $489.10 million for the quarter, compared to analyst estimates of $594.17 million. On average, equities analysts expect that ProFrac Holding Corp. will post 0.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in shares of ProFrac by 42.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,827 shares of the company’s stock worth $58,000 after purchasing an additional 2,034 shares during the period. Delta Investment Management LLC grew its stake in ProFrac by 47.8% in the first quarter. Delta Investment Management LLC now owns 15,469 shares of the company’s stock valued at $129,000 after purchasing an additional 5,000 shares in the last quarter. Jump Financial LLC purchased a new position in ProFrac in the fourth quarter valued at about $179,000. Aristides Capital LLC purchased a new position in ProFrac in the fourth quarter valued at about $279,000. Finally, Quest Partners LLC purchased a new position in ProFrac in the fourth quarter valued at about $356,000. Institutional investors and hedge funds own 12.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stifel Nicolaus reduced their price objective on ProFrac from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, March 14th. Bank of America lifted their price objective on ProFrac from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Monday, April 15th.

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.