Norges Bank Makes New Investment in Rxo Inc $RXO

Norges Bank acquired a new stake in shares of Rxo Inc (NYSE:RXO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,078,164 shares of the company’s stock, valued at approximately $16,949,000. Norges Bank owned approximately 0.66% of RXO as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. AlphaQuest LLC purchased a new stake in RXO during the 2nd quarter worth approximately $29,000. Geneos Wealth Management Inc. acquired a new stake in shares of RXO during the first quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of RXO by 25.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,433 shares of the company’s stock valued at $54,000 after buying an additional 688 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of RXO by 34.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,576 shares of the company’s stock valued at $72,000 after acquiring an additional 1,163 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of RXO by 165.1% in the 2nd quarter. GAMMA Investing LLC now owns 5,135 shares of the company’s stock valued at $81,000 after acquiring an additional 3,198 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

RXO Stock Down 2.0%

RXO stock opened at $14.14 on Tuesday. The business’s 50-day moving average price is $15.03 and its 200 day moving average price is $15.67. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of -32.87 and a beta of 1.74. Rxo Inc has a 52 week low of $10.43 and a 52 week high of $29.60.

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

Insider Buying and Selling

In other news, Director Thomas A. Szlosek purchased 20,308 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average cost of $12.37 per share, with a total value of $251,209.96. Following the completion of the acquisition, the director owned 36,508 shares of the company’s stock, valued at approximately $451,603.96. This represents a 125.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Troy A. Cooper acquired 8,317 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was purchased at an average cost of $10.61 per share, with a total value of $88,243.37. Following the acquisition, the director directly owned 275,416 shares of the company’s stock, valued at $2,922,163.76. This represents a 3.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 40,250 shares of company stock valued at $488,875. Corporate insiders own 1.48% of the company’s stock.

Wall Street Analyst Weigh In

RXO has been the subject of a number of research reports. Stifel Nicolaus lifted their price target on RXO from $14.00 to $17.00 and gave the stock a “hold” rating in a research report on Friday, October 10th. Zacks Research downgraded RXO from a “hold” rating to a “strong sell” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of RXO in a report on Monday, November 24th. Benchmark reissued a “hold” rating on shares of RXO in a research report on Wednesday, October 22nd. Finally, Susquehanna dropped their price objective on shares of RXO from $11.00 to $10.00 and set a “negative” rating on the stock in a report on Friday, November 7th. Four investment 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.69.

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.