Freightcar America (NASDAQ:RAIL) Stock Passes Above 200-Day Moving Average - Here's What Happened

Freightcar America, Inc. (NASDAQ:RAIL - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.31 and traded as high as $11.74. Freightcar America shares last traded at $11.66, with a volume of 875,590 shares.

Analysts Set New Price Targets

A number of analysts have commented on RAIL shares. Wall Street Zen downgraded Freightcar America from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Northcoast Research initiated coverage on Freightcar America in a research report on Thursday, May 1st. They issued a "buy" rating and a $9.00 price objective on the stock.

Freightcar America Stock Down 3.0%

The firm has a market cap of $221.91 million, a price-to-earnings ratio of -12.55 and a beta of 1.89. The business has a 50 day moving average of $8.11 and a 200 day moving average of $8.33.

Insider Activity at Freightcar America

In related news, insider Celia Perez sold 7,982 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $8.59, for a total transaction of $68,565.38. Following the sale, the insider owned 50,326 shares of the company's stock, valued at $432,300.34. This trade represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 28.70% of the stock is currently owned by insiders.

Institutional Trading of Freightcar America

A number of large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Freightcar America by 58.8% during the first quarter. Goldman Sachs Group Inc. now owns 106,656 shares of the transportation company's stock valued at $590,000 after acquiring an additional 39,506 shares during the last quarter. Jane Street Group LLC lifted its position in Freightcar America by 13.1% during the first quarter. Jane Street Group LLC now owns 108,724 shares of the transportation company's stock worth $601,000 after buying an additional 12,610 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Freightcar America during the first quarter worth about $61,000. Cubist Systematic Strategies LLC purchased a new position in Freightcar America during the first quarter worth about $147,000. Finally, OMERS ADMINISTRATION Corp lifted its position in Freightcar America by 204.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 72,100 shares of the transportation company's stock worth $399,000 after buying an additional 48,400 shares during the period. Institutional investors and hedge funds own 31.96% of the company's stock.

Freightcar America Company Profile

FreightCar America, Inc, through its subsidiaries, engages in design, manufacture, and sale of railcars and railcar components for the transportation of bulk commodities and containerized freight products in the United States and Mexico. It operates in two segments, Manufacturing and Parts. The company offers a range of railcars, including open top hoppers, mill gondola cars, intermodal and non-intermodal flat cars, coal cars; bulk commodity cars covered hopper cars, coil steel cars, boxcars, woodchip hoppers, aluminum vehicle carriers, and articulated bulk container railcars.