Proficient Auto Logistics (NASDAQ:PAL) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Proficient Auto Logistics from “hold” to “strong sell.” Overall, analysts remain divided, with the stock carrying an average “hold” rating and an average price target of $11.00.
• PAL shares opened at $3.51, near their 52-week low of $3.26 and well below the 50-day and 200-day moving averages of $4.78 and $6.03, respectively.
• Company insiders have recently purchased 60,995 shares worth approximately $324,282, while several hedge funds established new positions in the stock.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday, Zacks reports.

Several other analysts have also issued reports on the stock. Weiss Ratings lowered shares of Proficient Auto Logistics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, October 6th. Stifel Nicolaus reduced their price objective on shares of Proficient Auto Logistics from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, October 8th. Barrington Research set a $12.00 target price on shares of Proficient Auto Logistics in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Proficient Auto Logistics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Proficient Auto Logistics presently has an average rating of "Hold" and an average price target of $11.00.

Proficient Auto Logistics Stock Down 1.1%

Shares of Proficient Auto Logistics stock opened at $3.51 on Monday. The stock has a fifty day moving average price of $4.78 and a 200-day moving average price of $6.03. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.17. Proficient Auto Logistics has a 1 year low of $3.26 and a 1 year high of $10.97.

Insiders Place Their Bets

In related news, Director Rohit Lal acquired 10,000 shares of the stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $5.53 per share, for a total transaction of $55,300.00. Following the completion of the transaction, the director owned 71,903 shares of the company's stock, valued at $397,623.59. This trade represents a 16.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders bought 60,995 shares of company stock worth $324,282. Corporate insiders own 14.20% of the company's stock.

Hedge Funds Weigh In On Proficient Auto Logistics

Hedge funds have recently modified their holdings of the company. Persistent Asset Partners Ltd bought a new stake in shares of Proficient Auto Logistics during the second quarter valued at approximately $49,000. Ieq Capital LLC bought a new position in shares of Proficient Auto Logistics in the 2nd quarter worth about $122,000. Deutsche Bank AG bought a new position in shares of Proficient Auto Logistics in the 2nd quarter worth about $144,000. Bank of America Corp DE purchased a new position in shares of Proficient Auto Logistics during the second quarter valued at approximately $145,000. Finally, Fifth Third Bancorp bought a new stake in shares of Proficient Auto Logistics in the 1st quarter worth approximately $167,000.

Proficient Auto Logistics Company Profile

Proficient Auto Logistics, Inc NASDAQ: PAL provides vehicle transportation and logistics services in the United States. The company specializes in moving finished vehicles from manufacturers and ports to dealerships, vehicle auctions, rental-car companies and other commercial customers.

Its services include asset-based automobile transportation, logistics coordination and related supply-chain support. Proficient Auto Logistics operates through a network of regional and national auto-transportation businesses, allowing it to serve customers across multiple U.S.

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