Proficient Auto Logistics, Inc. (NASDAQ:PAL) Sees Large Increase in Short Interest

Key Points

• Short interest more than doubled: PAL’s short interest rose 132.1% to 3.11 million shares as of August 14, representing 12.9% of shares outstanding and a 2.9-day days-to-cover ratio.
• Shares declined 4.5% to $5.13, near the company’s 12-month low of $4.85, while trading below both its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: ratings range from “strong sell” to “buy,” resulting in a consensus “Hold” rating and an average price target of $12.00. Meanwhile, insiders bought nearly 55,000 shares over the past three months, including a 40,000-share purchase by director Rohit Lal.

Proficient Auto Logistics, Inc. (NASDAQ:PAL - Get Free Report) was the target of a large growth in short interest in August. As of August 14th, there was short interest totaling 3,109,566 shares, a growth of 132.1% from the July 30th total of 1,339,860 shares. Currently, 12.9% of the shares of the stock are short sold. Based on an average daily volume of 1,085,724 shares, the days-to-cover ratio is presently 2.9 days.

Proficient Auto Logistics Stock Down 4.5%

Shares of PAL stock traded down $0.24 on Friday, reaching $5.13. 590,745 shares of the company's stock traded hands, compared to its average volume of 379,170. The company has a market capitalization of $143.91 million, a P/E ratio of -3.64 and a beta of 1.25. Proficient Auto Logistics has a 12-month low of $4.85 and a 12-month high of $10.97. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.18 and a current ratio of 1.18. The business's 50 day moving average price is $6.58 and its two-hundred day moving average price is $6.69.

Insider Transactions at Proficient Auto Logistics

In other news, Director Rohit Lal acquired 40,000 shares of Proficient Auto Logistics stock in a transaction that occurred on Thursday, August 13th. The stock was purchased at an average cost of $5.43 per share, with a total value of $217,200.00. Following the completion of the acquisition, the director owned 61,903 shares in the company, valued at $336,133.29. This trade represents a 182.62% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have bought 54,995 shares of company stock valued at $300,222 over the last three months. Company insiders own 14.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PAL. Alliancebernstein L.P. increased its stake in Proficient Auto Logistics by 15.0% during the third quarter. Alliancebernstein L.P. now owns 13,800 shares of the company's stock valued at $95,000 after acquiring an additional 1,800 shares during the period. BNP Paribas Financial Markets raised its holdings in Proficient Auto Logistics by 77.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,517 shares of the company's stock worth $31,000 after purchasing an additional 1,975 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Proficient Auto Logistics by 32.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,636 shares of the company's stock valued at $151,000 after acquiring an additional 3,810 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Proficient Auto Logistics by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,506 shares of the company's stock valued at $105,000 after acquiring an additional 3,866 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new stake in Proficient Auto Logistics during the 2nd quarter worth $49,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PAL shares. Zacks Research cut Proficient Auto Logistics from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Stifel Nicolaus raised their target price on Proficient Auto Logistics from $9.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Barrington Research set a $12.00 price target on shares of Proficient Auto Logistics in a research note on Tuesday, August 11th. Weiss Ratings raised shares of Proficient Auto Logistics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. Finally, Wall Street Zen raised shares of Proficient Auto Logistics from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $12.00.

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. It serves auto companies, electric vehicle producers, auto dealers, auto auctions, rental car companies, and auto leasing companies.

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