Saturday, June 25, 2022

A company insider recently sold 15,791 shares of ProPetro Holding Corp. [PUMP]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. ProPetro Holding Corp. shares valued at $211,126 were sold by WILSON NEWTON W III on Jun 10. At $13.37 per share, WILSON NEWTON W III sold 15,791 shares. The insider’s holdings dropped to 23,687 shares worth approximately $0.25 million following the completion of this transaction.

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Also, GOBE PHILLIP A sold 40,000 shares, netting a total of over 555,200 in proceeds. Following the sale of shares at $13.88 each, the insider now holds 204,111 shares.

Before that, Armour Spencer D III had sold 32,931 shares from its account. In a trade valued at $459,387, the Director traded ProPetro Holding Corp. shares for $13.95 each. Upon closing the transaction, the insider’s holdings decreased to 32,931 shares, worth approximately $0.7 million.

As published in a research note from JP Morgan on May 26, 2022, ProPetro Holding Corp. [PUMP] has been rated down from an Overweight to an Underweight and the price target has been revised to $14 from $16. This represents a 25.86% premium over Wednesday’s closing price. Analysts at Tudor Pickering Holt & Co. upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early May. As of January 11, 2021, Wolfe Research has decreased its “Peer perform” rating to a “an Underperform” for PUMP. Earlier on December 15, 2020, Citigroup upgraded its rating. Their new recommendation was “a Buy” for PUMP stock which previously was a “a Neutral”.

Analyzing PUMP’s Price Performance

On Wednesday, ProPetro Holding Corp. [NYSE: PUMP] plunged -9.66% to $10.38. The stock’s lowest price that day was $10.34, but it reached a high of $10.91 in the same session. During the last five days, there has been a drop of approximately -19.16%. Over the course of the year, ProPetro Holding Corp. shares have jumped approximately 28.15%. Shares of the company reached a 52-week high of $16.92 on 04/21/22 and a 52-week low of $8.13 on 01/03/22. A 50-day SMA is recorded $13.40, while a 200-day SMA reached $11.10. Nevertheless, trading volume fell to 1.92 million shares from 1.33 million shares the previous day.

Support And Resistance Levels for ProPetro Holding Corp. (PUMP)

According to the 24-hour chart, there is a support level at 10.18, which, if violated, would cause prices to drop to 9.97. In the upper region, resistance lies at 10.75. The next price resistance is at 11.11. RSI (Relative Strength Index) is 28.89 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.83, which suggests the price will decrease in the coming days. Percent R is at 99.00%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of ProPetro Holding Corp. (PUMP)?

According to BlackRock Fund Advisors filings, the company currently owns 13,770,123 shares, which is about 13.21% of the total PUMP shares outstanding. The investor’s shares have plunged by -501,120 from its previous 13-F filing of 14271243.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $123,994,679. Dimensional Fund Advisors LP acquire a 16.65% interest valued at $65.29 million while Van Eck Associates Corp. sold a -272,644 stake. A total of 471,850 shares of ProPetro Holding Corp. were sold by SSgA Funds Management, Inc. during the quarter, and -1,245,315 were sold by Towle & Co. In its current portfolio, Fidelity Management & Research Co holds 2,487,472 shares valued at $32.46 million.

In terms of ProPetro Holding Corp. share price expectations, FactSet research, analysts set an average price target of $17.11 in the next 12 months, up nearly 47.95% from the previous closing price of $11.49. Analysts anticipate ProPetro Holding Corp. stock to reach $21.00 by 2022, with the lowest price target being $13.00. In spite of this, 11 analysts ranked ProPetro Holding Corp. stock as an Overweight at the end of 2022. On July 15, 2020, Cowen assigned a price target of “an Outperform” to the stock and upgraded coverage with a $8.50.

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