Radiant Logistics (NYSEAMERICAN:RLGT) Stock Price Crosses Below 50 Day Moving Average – Here’s Why

Radiant Logistics, Inc. (NYSEAMERICAN:RLGT) passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $8.96 and traded as low as $8.53. Radiant Logistics shares last traded at $8.65, with a volume of 90,453 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RLGT. Citigroup started coverage on Radiant Logistics in a report on Wednesday, July 15th. They issued a “market perform” rating for the company. Lake Street Capital lifted their price target on Radiant Logistics from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Citizens Jmp started coverage on Radiant Logistics in a report on Wednesday, July 15th. They set a “market perform” rating on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Radiant Logistics presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Radiant Logistics Price Performance

The business has a 50-day simple moving average of $8.96 and a 200 day simple moving average of $8.19. The stock has a market cap of $405.08 million, a P/E ratio of 25.44 and a beta of 0.83. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.11.

Insider Activity at Radiant Logistics

In related news, CFO Todd Macomber sold 11,868 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $9.25, for a total value of $109,779.00. Following the sale, the chief financial officer directly owned 87,249 shares in the company, valued at $807,053.25. This represents a 11.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 24.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. acquired a new position in Radiant Logistics in the first quarter valued at approximately $943,000. Rothschild Wealth LLC acquired a new stake in shares of Radiant Logistics during the 4th quarter worth approximately $1,808,000. North Star Investment Management Corp. acquired a new stake in shares of Radiant Logistics during the 1st quarter worth approximately $1,657,000. Bristlecone Value Partners LLC bought a new stake in shares of Radiant Logistics in the 4th quarter valued at $370,000. Finally, Royce & Associates LP increased its stake in shares of Radiant Logistics by 5.3% in the 4th quarter. Royce & Associates LP now owns 2,274,423 shares of the company’s stock valued at $14,397,000 after acquiring an additional 113,720 shares in the last quarter. Institutional investors own 53.59% of the company’s stock.

Radiant Logistics Company Profile

Radiant Logistics, Inc, through its subsidiaries, is a third-party logistics (3PL) provider offering freight brokerage, managed transportation, contract logistics and supply chain solutions. The company arranges full-truckload (FTL), less-than-truckload (LTL), intermodal, ocean and air freight across multiple geographies. Radiant also provides customs brokerage, trade compliance services and warehousing support, serving industries such as manufacturing, retail, energy and automotive.

Founded in 2005 and headquartered in Green Bay, Wisconsin, Radiant Logistics has grown its network of client-facing offices throughout North America, with additional service centers in Europe and the Asia Pacific region.