RXO (NYSE:RXO) Shares Gap Down to $29.85

RXO, Inc. (NYSE:RXO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $29.85, but opened at $28.41. RXO shares last traded at $28.15, with a volume of 23,824 shares trading hands.

Wall Street Analysts Forecast Growth

RXO has been the subject of a number of analyst reports. Stephens restated an “equal weight” rating and issued a $22.00 price target on shares of RXO in a report on Monday, May 6th. Barclays raised their price target on shares of RXO from $24.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Raymond James began coverage on shares of RXO in a research note on Wednesday, May 15th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. upped their price objective on shares of RXO from $16.00 to $25.00 and gave the company an “underweight” rating in a research report on Tuesday, July 9th. Finally, TD Cowen lifted their target price on RXO from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Two research 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, the company currently has a consensus rating of “Hold” and an average price target of $22.00.

RXO Trading Down 2.8 %

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 business’s 50 day moving average price is $25.50 and its 200-day moving average price is $22.48. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -319.22, a price-to-earnings-growth ratio of 5.55 and a beta of 1.38.

Institutional Trading of RXO

Several institutional investors and hedge funds have recently bought and sold shares of RXO. Swedbank AB bought a new stake in shares of RXO in the 1st quarter valued at approximately $76,982,000. MFN Partners Management LP boosted its holdings in RXO by 19.8% in the first quarter. MFN Partners Management LP now owns 15,588,555 shares of the company’s stock worth $340,922,000 after purchasing an additional 2,580,330 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in RXO by 1,459.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,628,080 shares of the company’s stock valued at $42,574,000 after purchasing an additional 1,523,650 shares during the last quarter. Motley Fool Asset Management LLC raised its holdings in shares of RXO by 287.9% during the first quarter. Motley Fool Asset Management LLC now owns 1,582,324 shares of the company’s stock worth $34,605,000 after purchasing an additional 1,174,361 shares during the period. Finally, Norges Bank bought a new position in shares of RXO in the 4th quarter worth about $24,250,000. 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.