Lord Abbett & CO. LLC Has $7.08 Million Holdings in Proficient Auto Logistics, Inc. (NASDAQ:PAL)

Lord Abbett & CO. LLC increased its stake in shares of Proficient Auto Logistics, Inc. (NASDAQ:PAL - Free Report) by 40.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 498,911 shares of the company's stock after acquiring an additional 143,697 shares during the period. Lord Abbett & CO. LLC owned about 1.85% of Proficient Auto Logistics worth $7,075,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PAL. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Proficient Auto Logistics in the 2nd quarter valued at about $12,077,000. Emerald Advisers LLC bought a new stake in Proficient Auto Logistics in the second quarter valued at approximately $1,172,000. American Century Companies Inc. bought a new stake in Proficient Auto Logistics in the second quarter valued at approximately $20,687,000. Federated Hermes Inc. bought a new position in shares of Proficient Auto Logistics during the 2nd quarter worth approximately $257,000. Finally, Blair William & Co. IL acquired a new position in shares of Proficient Auto Logistics during the 2nd quarter worth approximately $660,000.

Insider Activity at Proficient Auto Logistics

In other news, CEO Richard D. Odell bought 54,000 shares of the company's stock in a transaction dated Thursday, November 14th. The stock was bought at an average cost of $9.20 per share, for a total transaction of $496,800.00. Following the transaction, the chief executive officer now owns 753,802 shares of the company's stock, valued at $6,934,978.40. This represents a 7.72 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on PAL. Raymond James cut their price target 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. Stifel Nicolaus cut their target price on shares of Proficient Auto Logistics from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, October 17th. Finally, Barrington Research decreased their price target on shares of Proficient Auto Logistics from $17.00 to $15.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 12th.

Proficient Auto Logistics Trading Down 2.0 %

PAL stock traded down $0.18 during trading hours on Tuesday, hitting $8.97. 136,701 shares of the stock were exchanged, compared to its average volume of 255,224. Proficient Auto Logistics, Inc. has a 12 month low of $8.06 and a 12 month high of $21.01. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.16. The company has a 50-day simple moving average of $9.95 and a two-hundred day simple moving average of $14.67.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The business had revenue of $91.50 million during the quarter, compared to analyst estimates of $89.54 million. The company's revenue for the quarter was down 12.5% on a year-over-year basis. On average, sell-side analysts expect that Proficient Auto Logistics, Inc. will post 0.4 earnings per share for the current fiscal year.

Proficient Auto Logistics 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.