Daseke rises as investor urges transport firm to repurchase shares

Daseke

21/04/2022 18:31

** Shares in Daseke  DSKE.O  rise 2.1% to $8.48 and are on
course to rise for third consecutive session if gains hold
    ** Alta Fox, which owns around 4% of total outstanding
Daseke shares, writes a letter to transport firm's board urging
it to buy back $60 million of DSKE stock by underlining the
recent "irrational" sell-off  urn:newsml:reuters.com:*:nBwbczvJva
    ** Shares shed a fifth of their value last month and are
down 16% so far this month
    ** Through last close, Daseke had a market capitalization of
$519.3 million - Refinitiv
    ** The initial sell-off was caused by a recent report from
trade publication FreightWaves that highlighted near-term
weakness in dry van rates, but Daseke does not have any exposure
to dry van rates - Alta Fox
    ** Alta Fox believes Daseke is on track to earn more than $2
per share by fiscal 2025, which should warrant a stock price
well in excess of $20 per share
    ** Daseke has not responded to Reuters' request for comment
    ** Shares are down 16% this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))