Freightcar America (NASDAQ:RAIL) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Freightcar America has been upgraded to a "buy" rating by Wall Street Zen, changing its previous "hold" status.
• Northcoast Research has also initiated coverage with a "buy" rating and a price target of $9.00.
• Insider Celia Perez sold a significant portion of shares, decreasing her ownership by 13.69%, while company insiders collectively hold 28.70% of the stock.

Wall Street Zen upgraded shares of Freightcar America (NASDAQ:RAIL - Free Report) from a hold rating to a buy rating in a report issued on Saturday.

Separately, Northcoast Research initiated coverage on Freightcar America in a research report on Thursday, May 1st. They issued a "buy" rating and a $9.00 target price on the stock.

Freightcar America Stock Down 1.9%

NASDAQ:RAIL traded down $0.18 during trading hours on Friday, reaching $9.23. 71,912 shares of the stock were exchanged, compared to its average volume of 229,562. The firm has a 50 day simple moving average of $9.65 and a 200-day simple moving average of $8.30. Freightcar America has a 52 week low of $4.31 and a 52 week high of $16.10. The stock has a market capitalization of $176.45 million, a P/E ratio of -13.21 and a beta of 1.85.

Insider Activity at Freightcar America

In other Freightcar America news, insider Celia Perez sold 7,982 shares of Freightcar America stock in a transaction that occurred 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 directly owned 50,326 shares of the company's stock, valued at approximately $432,300.34. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 28.70% of the company's stock.

Hedge Funds Weigh In On Freightcar America

Several institutional investors have recently modified their holdings of RAIL. Financial Advocates Investment Management acquired a new position in shares of Freightcar America in the 2nd quarter valued at $280,000. Heron Bay Capital Management acquired a new stake in Freightcar America during the 2nd quarter worth approximately $143,000. JPMorgan Chase & Co. acquired a new stake in Freightcar America during the 2nd quarter worth approximately $813,000. Pacific Wealth Strategies Group Inc. acquired a new position in Freightcar America in the 2nd quarter worth $87,000. Finally, AlphaQuest LLC boosted its stake in Freightcar America by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 21,181 shares of the transportation company's stock worth $183,000 after purchasing an additional 4,984 shares during the period. 31.96% of the stock is currently owned by institutional investors and hedge funds.

About Freightcar America

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.