Stone House Capital Raises USA Truck Stake to 1.5M Shares

Stone House Capital Management of New York, the top shareholder of USA Truck Inc. of Van Buren, has increased its stake in the trucking firm to 1.5 million shares.

In a filing with the U.S. Securities and Exchange Commission on Monday, the company disclosed buying 54,891 shares of USA Truck (Nasdaq: USAK) at about $14.08 per share.

Shares of USA Truck are trading at about $14.99 on Thursday.

The move comes two weeks after the company purchased 101,279 of USA Truck shares, a move that made it the top shareholder of USA Truck stock at nearly 14 percent.

The stock purchases come amid a spike in USA Truck's share price. The stock has been on the rise since September, when Knight Transportation of Phoenix disclosed its offer to buy USA Truck for $9 per share. At the time, USA Truck shares were trading at around $6.50 per share.

USA Truck has also reported better-than-expected quarterly earnings results, which USA Truck executives have attributed to a successful turnaround plan. USA Truck has said it is not for sale and that Knight's offer undervalues the company.

The second-biggest USA Truck shareholder is Baker Street Capital, which owns 1.4 million shares, or 13.3 percent, of USA Truck. Next is Knight, which owns 1.3 shares, or 12.4 percent.

USA Truck has sued Knight Transportation, accusing Knight of breach of contract and demanding that the company sell its USA Truck shares. A trial in that case is set for April 14.