XPO Logistics Shares Up 20.6% Following Earnings Beat (XPO)
XPO Logistics (NYSE:XPO) shot up 20.6% during trading on Wednesday after the company announced better than expected quarterly earnings, Analyst Ratings Network.com reports. The company traded as high as $31.64 and last traded at $31.40, with a volume of 2,314,976 shares traded. The stock had previously closed at $26.03.
The company reported ($0.22) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.26) by $0.04. The company had revenue of $581.10 million for the quarter, compared to the consensus estimate of $551.31 million. XPO Logistics’s revenue was up 323.9% compared to the same quarter last year.
A number of analysts have recently weighed in on XPO shares. Analysts at Credit Suisse reiterated an “outperform” rating on shares of XPO Logistics in a research note on Thursday, June 26th. They now have a $34.00 price target on the stock, up previously from $33.00. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of XPO Logistics in a research note on Monday, June 23rd. They now have a $32.00 price target on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of XPO Logistics in a research note on Friday, June 13th. They set a “buy” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $34.00.
The stock has a 50-day moving average of $27.4 and a 200-day moving average of $27.51. The company’s market cap is $1.628 billion.
XPO Logistics, Inc, is a logistics provider of freight transportation services. The Company’s operations consist of three business units: expedited transportation, freight forwarding and freight brokerage.
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