Proficient Auto Logistics, Inc. (NASDAQ:PAL) Sees Significant Growth in Short Interest

Proficient Auto Logistics, Inc. (NASDAQ:PAL) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 836,000 shares, a growth of 56.6% from the October 15th total of 533,800 shares. Based on an average daily trading volume, of 329,200 shares, the short-interest ratio is presently 2.5 days. Approximately 4.0% of the shares of the stock are short sold.

Proficient Auto Logistics Stock Up 4.3 %

NASDAQ:PAL opened at $9.54 on Friday. Proficient Auto Logistics has a 12 month low of $8.06 and a 12 month high of $21.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a 50-day moving average of $12.53.

Proficient Auto Logistics (NASDAQ:PAL) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $91.50 million during the quarter, compared to analysts’ expectations of $89.54 million. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. Research analysts forecast that Proficient Auto Logistics will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

PAL has been the subject of a number of research reports. Raymond James cut their price objective on Proficient Auto Logistics from $21.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Barrington Research cut their target price on Proficient Auto Logistics from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Stifel Nicolaus decreased their price target on shares of Proficient Auto Logistics from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th.

Insider Buying and Selling

In related news, Director James B. Gattoni bought 20,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average cost of $18.98 per share, with a total value of $379,600.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $379,600. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Richard D. Odell purchased 54,000 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was bought at an average cost of $9.20 per share, with a total value of $496,800.00. Following the purchase, the chief executive officer now owns 753,802 shares in the company, valued at approximately $6,934,978.40. This represents a 7.72 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Proficient Auto Logistics

Several large investors have recently added to or reduced their stakes in PAL. SG Americas Securities LLC purchased a new stake in shares of Proficient Auto Logistics during the third quarter worth about $104,000. MetLife Investment Management LLC bought a new stake in Proficient Auto Logistics in the 3rd quarter valued at $129,000. Verition Fund Management LLC bought a new stake in shares of Proficient Auto Logistics in the third quarter worth about $152,000. XTX Topco Ltd purchased a new stake in shares of Proficient Auto Logistics in the second quarter worth about $176,000. Finally, Nicholas Hoffman & Company LLC. bought a new position in Proficient Auto Logistics during the third quarter valued at approximately $177,000.

Proficient Auto Logistics Company Profile

Proficient Auto Logistics, Inc focuses on providing auto transportation and logistics services in North America. It primarily focuses on transporting and delivering finished vehicles from automotive production facilities, ports of entry, and rail yards to a network of automotive dealerships. The company operates approximately 1,130 auto transport vehicles and trailers, including 615 company-owned transport vehicles and trailers.