Proficient Auto Logistics, Inc.’s Lock-Up Period To Expire on November 5th (NASDAQ:PAL)

Proficient Auto Logistics’ (NASDAQ:PAL) lock-up period will expire on Tuesday, November 5th. Proficient Auto Logistics had issued 14,333,333 shares in its IPO on May 9th. The total size of the offering was $214,999,995 based on an initial share price of $15.00. After the end of Proficient Auto Logistics’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Wall Street Analyst Weigh In

PAL has been the subject of a number of analyst reports. Raymond James reduced their price objective on Proficient Auto Logistics from $21.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, October 14th. Barrington Research cut their target price on Proficient Auto Logistics from $22.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Stifel Nicolaus lowered their price target on Proficient Auto Logistics from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, October 17th.

Proficient Auto Logistics Trading Up 0.8 %

NASDAQ:PAL opened at $8.40 on Tuesday. Proficient Auto Logistics has a 52 week low of $8.06 and a 52 week high of $21.01. The firm’s 50 day moving average price is $14.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.36 and a current ratio of 1.36.

Proficient Auto Logistics (NASDAQ:PAL) last issued its earnings results on Friday, August 9th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.20 by $0.08. The business had revenue of $106.61 million for the quarter, compared to analysts’ expectations of $101.69 million. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. Sell-side analysts expect that Proficient Auto Logistics will post 0.51 EPS for the current year.

Insider Buying and Selling

In related news, Director James B. Gattoni acquired 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was purchased at an average cost of $18.98 per share, with a total value of $379,600.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $379,600. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Proficient Auto Logistics

Large investors have recently modified their holdings of the company. Emerald Mutual Fund Advisers Trust bought a new position in shares of Proficient Auto Logistics in the 2nd quarter worth approximately $12,077,000. Emerald Advisers LLC bought a new position in Proficient Auto Logistics in the second quarter worth approximately $1,172,000. American Century Companies Inc. purchased a new position in shares of Proficient Auto Logistics during the 2nd quarter worth $20,687,000. Federated Hermes Inc. purchased a new position in shares of Proficient Auto Logistics during the 2nd quarter worth $257,000. Finally, Blair William & Co. IL bought a new stake in shares of Proficient Auto Logistics during the 2nd quarter valued at $660,000.

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.