Fred Alger Management LLC Purchases 371,511 Shares of Rxo Inc $RXO

Key Points

• Fred Alger Management LLC increased its stake in RXO Inc by 21.4%, now owning approximately 2.1 million shares valued at $40.2 million, according to its latest SEC filing.
• Other hedge funds, including Larson Financial Group and CWM LLC, have significantly increased their holdings in RXO, with institutional investors owning a total of 92.73% of the company's stock.
• Analysts hold a consensus rating of "Hold" for RXO shares, with a price target averaging $17.93 and a mix of ratings from various investment firms indicating cautious optimism.

Fred Alger Management LLC grew its holdings in Rxo Inc (NYSE:RXO - Free Report) by 21.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,104,842 shares of the company's stock after buying an additional 371,511 shares during the quarter. Fred Alger Management LLC owned approximately 1.28% of RXO worth $40,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RXO. First Trust Advisors LP increased its stake in shares of RXO by 78.1% in the fourth quarter. First Trust Advisors LP now owns 13,495 shares of the company's stock valued at $322,000 after buying an additional 5,917 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in RXO by 18.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 87,822 shares of the company's stock worth $2,094,000 after purchasing an additional 13,578 shares during the period. BNP Paribas Financial Markets acquired a new stake in RXO in the fourth quarter worth about $528,000. Deutsche Bank AG increased its position in RXO by 68.6% in the fourth quarter. Deutsche Bank AG now owns 138,434 shares of the company's stock worth $3,300,000 after purchasing an additional 56,304 shares during the period. Finally, Granahan Investment Management LLC acquired a new stake in RXO in the fourth quarter worth about $2,080,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

RXO Trading Down 3.5%

RXO traded down $0.59 during midday trading on Friday, reaching $16.56. 2,112,846 shares of the company were exchanged, compared to its average volume of 1,833,955. Rxo Inc has a one year low of $12.19 and a one year high of $31.98. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market capitalization of $2.72 billion, a P/E ratio of -7.67, a PEG ratio of 8.18 and a beta of 1.69. The stock's 50-day simple moving average is $16.09 and its 200 day simple moving average is $16.14.

RXO (NYSE:RXO - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. RXO had a positive return on equity of 1.18% and a negative net margin of 5.45%.The business had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the previous year, the business posted $0.03 EPS. RXO's revenue for the quarter was up 52.6% on a year-over-year basis. As a group, analysts forecast that Rxo Inc will post 0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley lowered their price objective on RXO from $23.00 to $21.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. Bank of America lifted their price objective on RXO from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. UBS Group restated a "neutral" rating and set a $15.00 target price (up previously from $14.00) on shares of RXO in a report on Friday, August 8th. Wall Street Zen upgraded RXO from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Susquehanna set a $12.00 target price on RXO and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $17.93.

RXO 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.