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

Proficient Auto Logistics’ (NASDAQ:PAL) lock-up period will end 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. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Analyst Ratings Changes

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

Proficient Auto Logistics Price Performance

Shares of PAL opened at $8.34 on Thursday. The firm has a 50 day simple moving average of $14.86. Proficient Auto Logistics has a 12 month low of $8.16 and a 12 month high of $21.01. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.10.

Proficient Auto Logistics (NASDAQ:PAL) last released its earnings results on Friday, August 9th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.08. The firm had revenue of $106.61 million during the quarter, compared to analysts’ expectations of $101.69 million. The business’s revenue was up 5.8% compared to the same quarter last year. On average, analysts forecast that Proficient Auto Logistics will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James B. Gattoni acquired 20,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $18.98 per share, with a total value of $379,600.00. Following the completion of the purchase, the director now owns 20,000 shares of the company’s stock, valued at approximately $379,600. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On Proficient Auto Logistics

Large investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in shares of Proficient Auto Logistics during the third quarter worth $104,000. XTX Topco Ltd purchased a new stake in Proficient Auto Logistics in the second quarter valued at $176,000. Nicholas Hoffman & Company LLC. purchased a new stake in Proficient Auto Logistics in the third quarter valued at $177,000. Federated Hermes Inc. purchased a new stake in Proficient Auto Logistics in the second quarter valued at $257,000. Finally, Blair William & Co. IL purchased a new stake in shares of Proficient Auto Logistics in the second quarter valued at about $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.