Truist Financial Issues Pessimistic Forecast for RXO (NYSE:RXO) Stock Price

RXO (NYSE:RXO) had its price objective reduced by equities researchers at Truist Financial from $22.00 to $20.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 60.45% from the stock’s current price.

A number of other research firms have also recently commented on RXO. Weiss Ratings restated a “sell (d-)” rating on shares of RXO in a report on Wednesday, October 8th. Wall Street Zen raised shares of RXO from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. The Goldman Sachs Group reduced their target price on RXO from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, October 9th. JPMorgan Chase & Co. boosted their target price on RXO from $15.00 to $16.00 and gave the company an “underweight” rating in a research report on Wednesday, October 8th. Finally, Susquehanna cut their price target on RXO from $11.00 to $10.00 and set a “negative” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $16.85.

RXO Trading Down 8.0%

Shares of RXO stock opened at $12.47 on Friday. The company has a market cap of $2.04 billion, a P/E ratio of -28.99, a PEG ratio of 7.86 and a beta of 1.67. The stock has a 50 day simple moving average of $16.70 and a two-hundred day simple moving average of $16.04. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.35 and a current ratio of 1.32. RXO has a fifty-two week low of $12.16 and a fifty-two week high of $31.11.

RXO (NYSE:RXO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.44 billion. RXO had a positive return on equity of 0.88% and a negative net margin of 1.25%.RXO’s quarterly revenue was up 34.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.05 earnings per share. Research analysts forecast that RXO will post 0.31 earnings per share for the current year.

Hedge Funds Weigh In On RXO

A number of hedge funds and other institutional investors have recently modified their holdings of RXO. Wellington Management Group LLP grew its holdings in shares of RXO by 374.1% in the first quarter. Wellington Management Group LLP now owns 9,259,421 shares of the company’s stock valued at $176,855,000 after acquiring an additional 7,306,537 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in RXO in the 1st quarter valued at $56,693,000. Orbis Allan Gray Ltd grew its stake in RXO by 3.8% in the 2nd quarter. Orbis Allan Gray Ltd now owns 31,375,221 shares of the company’s stock valued at $493,218,000 after purchasing an additional 1,142,710 shares during the period. Norges Bank purchased a new stake in shares of RXO during the 2nd quarter valued at $16,949,000. Finally, Owls Nest Partners IA LLC bought a new stake in shares of RXO during the 2nd quarter worth $9,287,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

RXO Company Profile

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.