ProFrac Holding Corp. (NASDAQ:PFHC) Executive Chairman Matthew Wilks has recently increased his stake in the company, purchasing shares valued at $88,500. The transaction took place on May 17, 2024, and involved buying 10,000 shares of Class A common stock at an average price of $8.85 per share.
According to the filing, the shares were acquired in multiple transactions with prices ranging from $8.30 to $9.01. Following this purchase, Wilks now owns a total of 1,437,716 shares in ProFrac Holding Corp. The company specializes in oil and gas field services and is incorporated in Delaware.
The acquisition represents a significant investment by Wilks in the company and indicates his continued commitment to ProFrac's future. Shareholders and potential investors often monitor such transactions closely as they can signal executive confidence in the company's prospects.
For those interested in the specifics of the transactions, Wilks has indicated a willingness to provide full information regarding the number of shares purchased at each separate price within the stated range upon request.
The recent filing also includes a note that the total number of shares beneficially owned by Wilks has been adjusted, as described in an amended Form 4 filed earlier in April.
This latest move by ProFrac's Executive Chairman may be of interest to current and prospective shareholders, as insider purchases can sometimes reflect a positive outlook from those most familiar with the company's operations and potential.
InvestingPro Insights
ProFrac Holding Corp. (NASDAQ:PFHC) has recently witnessed significant insider activity with Executive Chairman Matthew Wilks increasing his stake in the company. This move could be a signal of confidence to investors, aligning with some of the insights provided by InvestingPro. With a focus on the oil and gas field services sector, ProFrac's financial metrics and analyst expectations play a crucial role in assessing its market position.
InvestingPro data shows that ProFrac Holding Corp. has a market capitalization of $1.48 billion USD, reflecting its size and value in the market. While the company's P/E ratio stands at -10.62, indicating that investors are anticipating future earnings growth despite current unprofitability. This sentiment is further supported by the fact that analysts predict the company will be profitable this year, an InvestingPro Tip that aligns with the insider buying pattern. Additionally, ProFrac has seen a strong return over the last three months, with a 25.54% price total return, suggesting a positive trend in investor sentiment.
It's also worth noting that ProFrac does not pay a dividend to shareholders, as per an InvestingPro Tip, which might be a consideration for income-focused investors. However, this could also mean that the company is reinvesting its earnings into growth and operational improvements. For those seeking more in-depth analysis and additional InvestingPro Tips, there are 6 more tips available on the ProFrac Holding Corp. page at InvestingPro, which can be accessed with a special offer. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive investment evaluation tool.
Overall, these metrics and insights from InvestingPro could help investors better understand ProFrac Holding Corp.'s financial health and future prospects in the context of the recent insider share purchase by the company's Executive Chairman.
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