Proficient Auto Logistics (NASDAQ:PAL) Issues Earnings Results

Key Points

• Proficient Auto Logistics reported a quarterly loss of $0.14 per share, missing the $0.06 consensus estimate, while revenue of $109.40 million exceeded expectations of $106.78 million.
• Shares fell 1.4% to $7.24 after the results. Analysts’ average rating remains “Hold,” with an average price target of $10.00, although Wall Street Zen downgraded the stock to “Sell.”
• CEO Richard D. Odell sold 33,743 shares to cover tax obligations tied to vested equity awards, reducing his ownership by 3.38%; meanwhile, several institutional investors, including Goldman Sachs, increased their positions.

Proficient Auto Logistics (NASDAQ:PAL - Get Free Report) announced its quarterly earnings results on Monday. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.20), FiscalAI reports. The business had revenue of $109.40 million during the quarter, compared to analyst estimates of $106.78 million. Proficient Auto Logistics had a negative net margin of 8.57% and a positive return on equity of 0.25%.

Proficient Auto Logistics Stock Down 1.4%

Proficient Auto Logistics stock traded down $0.10 during mid-day trading on Monday, reaching $7.24. 310,276 shares of the company's stock were exchanged, compared to its average volume of 303,850. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16. Proficient Auto Logistics has a twelve month low of $4.85 and a twelve month high of $10.97. The company has a market cap of $201.05 million, a P/E ratio of -5.44 and a beta of 1.25. The company has a fifty day moving average of $7.05 and a 200-day moving average of $7.14.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Proficient Auto Logistics from a "hold" rating to a "sell" rating in a research report on Sunday, August 2nd. Weiss Ratings upgraded shares of Proficient Auto Logistics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 21st. Barrington Research set a $10.00 price target on Proficient Auto Logistics in a research note on Monday, May 11th. Finally, Zacks Research upgraded Proficient Auto Logistics from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $10.00.

Insider Activity at Proficient Auto Logistics

In other news, CEO Richard D. Odell sold 33,743 shares of the company's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $5.08, for a total transaction of $171,414.44. Following the sale, the chief executive officer owned 964,099 shares of the company's stock, valued at approximately $4,897,622.92. This represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 14.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Proficient Auto Logistics

Hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Proficient Auto Logistics by 44.7% in the first 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 in the last quarter. Millennium Management LLC increased its holdings in shares of Proficient Auto Logistics by 5.9% in the 1st quarter. Millennium Management LLC now owns 634,277 shares of the company's stock valued at $5,309,000 after acquiring an additional 35,335 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Proficient Auto Logistics during the first quarter worth approximately $215,000. Jones Financial Companies Lllp purchased a new position in Proficient Auto Logistics in the first quarter valued at approximately $73,000. Finally, Goldman Sachs Group Inc. lifted its position 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 buying an additional 61,272 shares during the last quarter.

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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