Proficient Auto Logistics (NASDAQ:PAL) Announces Quarterly Earnings Results

Key Points

• Proficient Auto Logistics reported quarterly earnings of $0.03 per share, missing the consensus estimate of $0.11 by $0.08.
• CEO Richard D. Odell sold 49,300 shares at an average price of $8.24, reducing his ownership by 5.57%.
• Goldman Sachs increased its holdings in Proficient Auto Logistics by 138.3% during Q1, now owning 105,585 shares.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.08), Zacks reports. Proficient Auto Logistics had a negative return on equity of 2.05% and a negative net margin of 3.49%.

Proficient Auto Logistics Price Performance

NASDAQ:PAL traded down $0.08 during trading hours on Monday, reaching $5.97. 144,141 shares of the company traded hands, compared to its average volume of 144,114. Proficient Auto Logistics has a 1-year low of $5.88 and a 1-year high of $20.85. The firm's 50-day moving average is $7.20 and its 200-day moving average is $8.36. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.25 and a quick ratio of 1.25.

Analyst Ratings Changes

Separately, Stifel Nicolaus reduced their price target on Proficient Auto Logistics from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Thursday, May 8th.

Insider Buying and Selling

In other news, CEO Richard D. Odell sold 49,300 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $8.24, for a total transaction of $406,232.00. Following the sale, the chief executive officer directly owned 836,172 shares of the company's stock, valued at $6,890,057.28. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 13.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Proficient Auto Logistics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its holdings in shares of Proficient Auto Logistics by 138.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 105,585 shares of the company's stock worth $884,000 after acquiring an additional 61,272 shares during the period. Geode Capital Management LLC increased its position in shares of Proficient Auto Logistics by 8.7% during the second quarter. Geode Capital Management LLC now owns 491,654 shares of the company's stock worth $3,570,000 after buying an additional 39,338 shares during the period. Jane Street Group LLC bought a new position in Proficient Auto Logistics during the first quarter worth $311,000. Millennium Management LLC boosted its stake in Proficient Auto Logistics by 5.9% during the first quarter. Millennium Management LLC now owns 634,277 shares of the company's stock worth $5,309,000 after acquiring an additional 35,335 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Proficient Auto Logistics in the first quarter valued at $215,000.

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.

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