165,524 Shares in Radiant Logistics, Inc. $RLGT Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 165,524 Radiant Logistics shares during the second quarter, valued at approximately $1.57 million and representing a 0.35% stake. Institutional investors collectively own 53.59% of the company.
• Radiant Logistics exceeded quarterly expectations, reporting $0.15 in earnings per share versus the $0.06 consensus estimate and revenue of $261.44 million, above the $231.34 million forecast.
• Analyst sentiment is bullish: four analysts rate the stock a Buy, with an average price target of $11.00 versus its reported market price of $9.01.

Bank of America Corp DE acquired a new position in shares of Radiant Logistics, Inc. (NYSEAMERICAN:RLGT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 165,524 shares of the company's stock, valued at approximately $1,566,000. Bank of America Corp DE owned 0.35% of Radiant Logistics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RLGT. Legal & General Group Plc acquired a new stake in Radiant Logistics in the second quarter valued at $36,000. Ritholtz Wealth Management acquired a new stake in shares of Radiant Logistics in the first quarter valued at about $77,000. Verus Capital Partners LLC purchased a new stake in Radiant Logistics during the first quarter worth about $150,000. Renaissance Technologies LLC purchased a new stake in Radiant Logistics during the first quarter worth about $286,000. Finally, Deutsche Bank AG acquired a new position in Radiant Logistics during the second quarter worth about $337,000. Institutional investors and hedge funds own 53.59% of the company's stock.

Radiant Logistics Price Performance

Radiant Logistics stock opened at $9.01 on Friday. The firm has a market capitalization of $422.48 million, a PE ratio of 23.10 and a beta of 0.81. Radiant Logistics, Inc. has a 52 week low of $5.82 and a 52 week high of $10.20. The firm's 50-day simple moving average is $8.58 and its 200 day simple moving average is $8.46. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.11.

Radiant Logistics (NYSEAMERICAN:RLGT - Get Free Report) last posted its earnings results on Monday, September 14th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.09. The firm had revenue of $261.44 million during the quarter, compared to the consensus estimate of $231.34 million. Radiant Logistics had a net margin of 2.01% and a return on equity of 10.95%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Lake Street Capital increased their target price on shares of Radiant Logistics from $10.00 to $12.00 and gave the company a "buy" rating in a report on Monday, June 8th. Citigroup raised Radiant Logistics from a "market perform" rating to an "outperform" rating in a research note on Tuesday, September 15th. Finally, Citizens Jmp upgraded Radiant Logistics from a "market perform" rating to an "outperform" rating and set a $10.00 price target on the stock in a report on Tuesday, September 15th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Radiant Logistics presently has an average rating of "Buy" and an average target price of $11.00.

Radiant Logistics Profile

Radiant Logistics, Inc is a third-party logistics company that provides transportation and supply chain management services to manufacturers, distributors, retailers and other commercial customers. The company operates an asset-light model, coordinating shipments through a network of company-operated locations and independent agents rather than relying primarily on its own transportation equipment.

Its services include domestic and international freight forwarding, truckload and less-than-truckload transportation, expedited shipping, air and ocean freight, customs-related services, warehousing and distribution.

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