Short Interest in RXO, Inc. (NYSE:RXO) Decreases By 23.4%

RXO, Inc. (NYSE:RXO - Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 3,950,000 shares, a decline of 23.4% from the September 30th total of 5,160,000 shares. Based on an average trading volume of 1,200,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 2.5% of the company's stock are sold short.

RXO Stock Performance

Shares of RXO stock traded up $0.10 on Friday, reaching $28.16. 474,508 shares of the company were exchanged, compared to its average volume of 854,699. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -312.89, a P/E/G ratio of 12.61 and a beta of 1.34. RXO has a 1-year low of $16.94 and a 1-year high of $32.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.17 and a current ratio of 1.17. The company's 50-day moving average is $27.83 and its two-hundred day moving average is $25.21.

RXO (NYSE:RXO - Get Free Report) last issued its earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. RXO had a positive return on equity of 2.22% and a negative net margin of 0.55%. The firm had revenue of $930.00 million for the quarter, compared to analyst estimates of $934.14 million. During the same period last year, the company earned $0.08 earnings per share. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts expect that RXO will post 0.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RXO has been the subject of a number of analyst reports. Susquehanna reduced their price target on RXO from $20.00 to $16.00 and set a "negative" rating for the company in a report on Thursday, September 26th. Benchmark restated a "hold" rating on shares of RXO in a research note on Tuesday, October 15th. Jefferies Financial Group cut their price target on shares of RXO from $33.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. Citigroup initiated coverage on shares of RXO in a report on Wednesday, October 9th. They set a "buy" rating and a $33.00 price objective for the company. Finally, Oppenheimer restated an "outperform" rating and issued a $31.00 target price on shares of RXO in a research note on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, RXO currently has a consensus rating of "Hold" and an average target price of $26.23.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of RXO by 40.0% in the third quarter. GAMMA Investing LLC now owns 1,784 shares of the company's stock valued at $50,000 after buying an additional 510 shares during the period. Motco lifted its holdings in RXO by 5,450.0% in the 1st quarter. Motco now owns 2,442 shares of the company's stock valued at $53,000 after acquiring an additional 2,398 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in RXO by 2,235.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,643 shares of the company's stock valued at $80,000 after acquiring an additional 3,487 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of RXO during the 2nd quarter valued at about $112,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of RXO by 62.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,181 shares of the company's stock worth $121,000 after purchasing an additional 1,987 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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.