RXO (NYSE:RXO) Shares Gap Down – What’s Next?

RXO, Inc. (NYSE:RXO)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $31.90, but opened at $29.49. RXO shares last traded at $29.98, with a volume of 350,542 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RXO. Morgan Stanley boosted their price target on shares of RXO from $19.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Benchmark reissued a “hold” rating on shares of RXO in a research report on Tuesday, October 15th. UBS Group lifted their price target on shares of RXO from $22.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $31.00 target price on shares of RXO in a research report on Tuesday, September 17th. Finally, Citigroup started coverage on RXO in a research report on Wednesday, October 9th. They set a “buy” rating and a $33.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.23.

RXO Stock Performance

The company’s 50-day moving average is $27.81 and its two-hundred day moving average is $25.66. The company has a market capitalization of $4.65 billion, a P/E ratio of -163.66, a PEG ratio of 11.54 and a beta of 1.33. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.64.

RXO (NYSE:RXO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $930.00 million for the quarter, compared to analysts’ expectations of $934.14 million. RXO had a negative net margin of 0.55% and a positive return on equity of 2.22%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.08 EPS. Equities analysts anticipate that RXO, Inc. will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RXO

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in RXO by 2,235.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,643 shares of the company’s stock valued at $80,000 after buying an additional 3,487 shares during the period. GSA Capital Partners LLP increased its stake in shares of RXO by 433.8% in the first quarter. GSA Capital Partners LLP now owns 56,002 shares of the company’s stock worth $1,225,000 after buying an additional 45,510 shares during the period. Texas Permanent School Fund Corp boosted its position in RXO by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 102,420 shares of the company’s stock valued at $2,240,000 after buying an additional 1,348 shares during the period. SG Americas Securities LLC purchased a new position in shares of RXO in the first quarter valued at about $151,000. Finally, Oppenheimer & Co. Inc. grew its stake in shares of RXO by 11.2% in the first quarter. Oppenheimer & Co. Inc. now owns 21,207 shares of the company’s stock worth $464,000 after purchasing an additional 2,138 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.