RXO (NYSE:RXO) Hits New 52-Week High at $30.86

RXO, Inc. (NYSE:RXO)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $30.86 and last traded at $30.74, with a volume of 333986 shares trading hands. The stock had previously closed at $29.23.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RXO. Benchmark restated a “hold” rating on shares of RXO in a report on Wednesday, June 12th. JPMorgan Chase & Co. upped their price objective on shares of RXO from $16.00 to $25.00 and gave the stock an “underweight” rating in a report on Tuesday, July 9th. Barclays upped their price objective on shares of RXO from $24.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Stephens restated an “equal weight” rating and issued a $22.00 price objective on shares of RXO in a report on Monday, May 6th. Finally, Raymond James began coverage on shares of RXO in a report on Wednesday, May 15th. They issued a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $22.00.

RXO Trading Up 2.3 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.14 and a current ratio of 1.14. The company’s 50-day simple moving average is $24.04 and its 200-day simple moving average is $22.08.

RXO (NYSE:RXO) last issued its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $913.00 million for the quarter, compared to the consensus estimate of $929.50 million. RXO had a negative net margin of 0.29% and a positive return on equity of 3.23%. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. On average, research analysts forecast that RXO, Inc. will post 0.17 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp acquired 105,065 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $20.07 per share, with a total value of $2,108,654.55. Following the completion of the acquisition, the insider now owns 17,280,434 shares in the company, valued at $346,818,310.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have purchased 105,487 shares of company stock valued at $2,117,263. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On RXO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MFN Partners Management LP raised its position in RXO by 19.8% during the first quarter. MFN Partners Management LP now owns 15,588,555 shares of the company’s stock worth $340,922,000 after acquiring an additional 2,580,330 shares during the last quarter. Vanguard Group Inc. raised its position in RXO by 0.3% during the first quarter. Vanguard Group Inc. now owns 13,294,483 shares of the company’s stock worth $290,750,000 after acquiring an additional 45,977 shares during the last quarter. Swedbank AB acquired a new position in RXO during the first quarter worth about $76,982,000. Douglas Lane & Associates LLC raised its position in shares of RXO by 2.0% in the second quarter. Douglas Lane & Associates LLC now owns 2,698,525 shares of the company’s stock valued at $70,566,000 after buying an additional 52,378 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of RXO by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,869,583 shares of the company’s stock valued at $43,489,000 after buying an additional 93,885 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

About RXO

RXO, Inc provides full truckload freight transportation brokering services. It also offers brokered services for managed transportation, last mile, and freight forwarding. The company was incorporated in 2022 and is based in Charlotte, North Carolina.