Profrac holding corp. sees insider purchase totaling $2.35 million

In a recent filing with the Securities and Exchange Commission, ProFrac Holding Corp. (NASDAQ:ACDC) disclosed that insiders have made significant acquisitions of the company’s Class A common stock. Farris Wilks, Jo Ann Wilks, and the Farris & Jo Ann Wilks 2022 Family Trust collectively purchased 338,756 shares at a price of $6.93 per share, amounting to a total investment of approximately $2.35 million.

The shares were acquired by FARJO Holdings, LP, a Texas limited partnership, where Farris C. Wilks serves as the sole manager of FARJO Management, LLC, the general partner of FARJO Holdings. This transaction increases their total holdings to 1,316,534 shares. The filing also notes that the Farris & Jo Ann Wilks 2022 Family Trust holds additional shares, subject to appraisal adjustments.

The Wilks family, significant stakeholders in ProFrac Holding Corp., have increased their investment, reflecting their ongoing confidence in the company’s future prospects. With the stock trading near its Fair Value according to InvestingPro calculations, investors can access comprehensive insider trading analysis and 12+ additional ProTips through InvestingPro’s detailed research reports.

In other recent news, short sellers in the U.S. and Canada have faced a challenging start to the year, particularly within the energy sector, with $21.9 billion in year-to-date mark-to-market losses. The energy sector was notably difficult for short sellers, with the Energy Select Sector SPDR ETF (NYSE:XLE) and Vanguard Energy ETF both up 8% for the year, resulting in $5.8 billion in losses for those betting against the sector. More than two-thirds of shorted stocks in the energy sector were unprofitable, with only 22% yielding profits. Notably, CNX Resources (NYSE:CNX) was the only short position to profit over $100k, while Chevron Corp (NYSE:CVX) led the most unprofitable energy shorts. Despite these losses, there hasn’t been significant short covering, and overall short interest in the energy sector has increased by $4.9 billion to $83.2 billion. In January, half of the energy sector stocks saw increased short selling worth $1.8 billion, with Enbridge (NYSE:ENB), Tourmaline Oil, and Expand Energy seeing the largest increases. Conversely, TC Energy (NYSE:TRP), Chevron, and Exxon Mobil (NYSE:XOM) experienced the largest short covering. Interestingly, the performance of stocks with increased short selling versus those with increased short covering did not differ, with both groups down 7% for the month.

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