Short Interest in Proficient Auto Logistics, Inc. (NASDAQ:PAL) Declines By 27.2%

Proficient Auto Logistics, Inc. (NASDAQ:PAL) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 155,700 shares, a drop of 27.2% from the August 15th total of 213,800 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 205,900 shares, the short-interest ratio is presently 0.8 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PAL shares. Barrington Research started coverage on shares of Proficient Auto Logistics in a report on Wednesday, July 17th. They issued an “outperform” rating and a $22.00 price objective for the company. William Blair started coverage on shares of Proficient Auto Logistics in a report on Monday, June 3rd. They issued an “outperform” rating for the company. Raymond James upped their price objective on shares of Proficient Auto Logistics from $18.00 to $21.00 and gave the stock an “outperform” rating in a report on Monday, August 12th. Finally, Stifel Nicolaus started coverage on shares of Proficient Auto Logistics in a research report on Monday, June 3rd. They issued a “buy” rating and a $19.00 price target on the stock.

Proficient Auto Logistics Stock Performance

Shares of Proficient Auto Logistics stock traded down $0.18 during trading on Monday, reaching $16.81. 81,940 shares of the company’s stock were exchanged, compared to its average volume of 186,830. Proficient Auto Logistics has a 1-year low of $14.50 and a 1-year high of $21.01. The company has a 50-day simple moving average of $18.61.

Proficient Auto Logistics (NASDAQ:PAL) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.08. The firm had revenue of $106.61 million for the quarter, compared to the consensus estimate of $101.69 million. The business’s quarterly revenue was up 5.8% on a year-over-year basis. On average, research analysts forecast that Proficient Auto Logistics will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director James B. Gattoni acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were bought at an average price of $18.98 per share, for a total transaction 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 approximately $379,600. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Proficient Auto Logistics

Hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new position in Proficient Auto Logistics during the second quarter worth about $176,000. Federated Hermes Inc. bought a new position in Proficient Auto Logistics during the 2nd quarter valued at approximately $257,000. Blair William & Co. IL bought a new position in Proficient Auto Logistics during the 2nd quarter valued at approximately $660,000. Marshall Wace LLP purchased a new position in shares of Proficient Auto Logistics during the 2nd quarter worth approximately $1,082,000. Finally, Emerald Advisers LLC purchased a new position in shares of Proficient Auto Logistics during the 2nd quarter worth approximately $1,172,000.

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.