Proficient Auto Logistics, Inc. (NASDAQ:PAL) Short Interest Up 56.6% in October

Proficient Auto Logistics, Inc. (NASDAQ:PAL - Get Free Report) was the recipient of a large growth in short interest during the month of 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 volume of 329,200 shares, the days-to-cover ratio is presently 2.5 days. Currently, 4.0% of the company's shares are short sold.

Proficient Auto Logistics Stock Down 2.9 %

PAL traded down $0.27 during trading hours on Thursday, reaching $9.15. The company's stock had a trading volume of 180,788 shares, compared to its average volume of 269,063. Proficient Auto Logistics has a 52 week low of $8.06 and a 52 week high of $21.01. The company's 50-day simple moving average is $12.88. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.10.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) last posted 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 firm had revenue of $91.50 million for the quarter, compared to the consensus estimate of $89.54 million. The company's revenue for the quarter was down 12.5% on a year-over-year basis. As a group, research analysts expect that Proficient Auto Logistics will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James B. Gattoni bought 20,000 shares of the firm's stock in a transaction dated Tuesday, August 20th. The stock was bought at an average cost of $18.98 per share, for a total transaction of $379,600.00. Following the transaction, the director now owns 20,000 shares of the company's stock, valued at $379,600. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Proficient Auto Logistics during the second quarter worth about $12,077,000. Emerald Advisers LLC bought a new stake in shares of Proficient Auto Logistics during the second quarter worth about $1,172,000. American Century Companies Inc. bought a new stake in shares of Proficient Auto Logistics during the second quarter worth about $20,687,000. Federated Hermes Inc. bought a new stake in shares of Proficient Auto Logistics during the second quarter worth about $257,000. Finally, Blair William & Co. IL bought a new stake in shares of Proficient Auto Logistics during the second quarter worth about $660,000.

Wall Street Analyst Weigh In

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

About Proficient Auto Logistics

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.