Radiant Logistics (RLGT) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Radiant Logistics (NYSEAMERICAN:RLGT) from a buy rating to a hold rating in a report published on Thursday morning.

According to Zacks, “Radiant Logistics is executing a strategy to build a global transportation and supply chain management company through organic growth and the strategic acquisition of regional best-of-breed non- asset based transportation and logistics providers to offer its customers domestic and international freight forwarding and an expanding array of value added supply chain management services, including asset recovery and reverse logistics, order fulfillment, inventory management and warehousing. “

A number of other research analysts have also recently weighed in on RLGT. Loop Capital assumed coverage on Radiant Logistics in a research report on Monday, October 1st. They issued a buy rating and a $9.00 price target for the company. TheStreet cut Radiant Logistics from a b- rating to a c+ rating in a research report on Wednesday, December 19th.

Shares of RLGT stock opened at $5.20 on Thursday. Radiant Logistics has a fifty-two week low of $3.46 and a fifty-two week high of $6.15.

Radiant Logistics (NYSEAMERICAN:RLGT) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $218.88 million during the quarter, compared to analysts’ expectations of $238.48 million.

Hedge funds have recently made changes to their positions in the company. Walthausen & Co. LLC purchased a new position in shares of Radiant Logistics in the third quarter valued at $1,524,000. Prudential Financial Inc. purchased a new position in shares of Radiant Logistics in the third quarter valued at $258,000. Engineers Gate Manager LP purchased a new position in shares of Radiant Logistics in the third quarter valued at $224,000. Russell Investments Group Ltd. increased its position in Radiant Logistics by 4.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 639,903 shares of the company’s stock worth $2,502,000 after purchasing an additional 28,900 shares in the last quarter. Finally, BlackRock Inc. increased its position in Radiant Logistics by 4.9% during the 2nd quarter. BlackRock Inc. now owns 2,598,942 shares of the company’s stock worth $10,161,000 after purchasing an additional 120,580 shares in the last quarter. Institutional investors and hedge funds own 39.47% of the company’s stock.

About Radiant Logistics

Radiant Logistics, Inc operates as a third-party logistics and multi-modal transportation services company primarily in the United States and Canada. The company offers domestic and international air and ocean freight forwarding services; and freight brokerage services, including truckload, less than truckload, and intermodal services.

See Also: Coverage Ratio

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