Shares of XPO, Inc. (NYSE: XPO) reached a new 52-week high on Monday, trading at a peak of $158.57 before closing at $156.11. This significant increase from the previous closing price of $148.11 reflects a volume of 434,279 shares changing hands. The surge in stock price follows a series of analyst upgrades and reflects growing investor confidence in the company.
Analysts Weigh In on XPO’s Performance
Recent reports from various financial institutions have provided insights into XPO’s stock performance. Bank of America raised its price target for XPO from $151.00 to $158.00 and assigned a “buy” rating on December 2, 2023. Meanwhile, Truist Financial set a target of $145.00 in its report on October 14, 2023.
In a notable shift, Citigroup downgraded XPO from a “buy” rating to a “neutral” rating while simultaneously increasing their price objective from $164.00 to $171.00 on January 7, 2024. Additionally, Susquehanna adjusted its price target for XPO from $162.00 to $160.00 but maintained a “positive” rating. Raymond James Financial also raised its target from $132.00 to $150.00 in a report on October 14.
The current consensus from analysts indicates one Strong Buy rating, seventeen Buy ratings, four Hold ratings, and two Sell ratings. According to data from MarketBeat, XPO currently holds an average rating of “Moderate Buy” with an average target price of $153.29.
Institutional Investments and Market Confidence
Investments from large institutional investors have further influenced XPO’s stock trajectory. For example, Amundi increased its stake in XPO by 50.7% during the first quarter, now holding 5,412 shares valued at approximately $582,000 after acquiring an additional 1,820 shares. AQR Capital Management LLC also boosted its position by 7.6%, owning 17,654 shares worth around $1.86 million following an additional purchase of 1,243 shares.
Other notable changes include NewEdge Advisors LLC, which increased its position by 3.2%, now owning 11,416 shares valued at $1.23 million, and Farther Finance Advisors LLC, which grew its stake by 63.2% during the second quarter. Janney Montgomery Scott LLC also increased its stake by 8.1%, now holding 37,900 shares worth approximately $4.79 million. Currently, institutional investors and hedge funds own 97.73% of XPO’s stock.
XPO Logistics, Inc. is a global provider of transportation and logistics services, offering a diverse portfolio designed to optimize supply chains for businesses of all sizes. The company engages in freight brokerage, less-than-truckload (LTL) shipping, full truckload transportation, last-mile delivery, contract logistics, and global forwarding. By leveraging advanced technology and operational expertise, XPO aims to enhance efficiency, visibility, and reliability throughout supply chain networks.
As XPO continues to rise in the market, investors and analysts alike are keenly observing the company’s next moves and overall performance in the logistics sector. For those interested in keeping up with the latest developments regarding XPO, MarketBeat offers a daily summary of news and analyst ratings.
