VELA Investment Management LLC Has $3.48 Million Holdings in Proficient Auto Logistics, Inc. $PAL

VELA Investment Management LLC increased its holdings in shares of Proficient Auto Logistics, Inc. (NASDAQ:PAL) by 23.8% during the second quarter, Holdings Channel reports. The fund owned 510,840 shares of the company’s stock after purchasing an additional 98,235 shares during the period. VELA Investment Management LLC’s holdings in Proficient Auto Logistics were worth $3,479,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC bought a new position in Proficient Auto Logistics in the 2nd quarter valued at $492,000. Empowered Funds LLC bought a new stake in shares of Proficient Auto Logistics during the second quarter worth $1,573,000. Bank of America Corp DE acquired a new stake in shares of Proficient Auto Logistics in the second quarter valued at $145,000. Canada Pension Plan Investment Board acquired a new stake in shares of Proficient Auto Logistics in the second quarter valued at $265,000. Finally, Manatuck Hill Partners LLC acquired a new stake in shares of Proficient Auto Logistics in the second quarter valued at $340,000.

Proficient Auto Logistics Price Performance

PAL opened at $5.12 on Monday. The company has a fifty day moving average price of $6.31 and a two-hundred day moving average price of $6.56. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.18 and a current ratio of 1.18. Proficient Auto Logistics, Inc. has a 52 week low of $4.85 and a 52 week high of $10.97. The firm has a market capitalization of $143.62 million, a PE ratio of -3.63 and a beta of 1.15.

Insider Activity

In related news, Director Rohit Lal acquired 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was acquired at an average cost of $5.43 per share, with a total value of $217,200.00. Following the completion of the purchase, the director directly owned 61,903 shares in the company, valued at approximately $336,133.29. This trade represents a 182.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders acquired 54,995 shares of company stock valued at $300,222. 14.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barrington Research set a $12.00 price target on shares of Proficient Auto Logistics in a research report on Tuesday, August 11th. Weiss Ratings raised shares of Proficient Auto Logistics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 25th. Zacks Research lowered shares of Proficient Auto Logistics from a “hold” rating to a “strong sell” rating in a research report on Monday, August 10th. Wall Street Zen raised shares of Proficient Auto Logistics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Stifel Nicolaus raised their price target on shares of Proficient Auto Logistics from $9.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Proficient Auto Logistics currently has an average rating of “Hold” and a consensus price target of $12.00.

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.