Up 132% This Year, Is It Too Late to Buy This Hot Growth Stock?
2023 has been a challenging year in the freight industry. Macroeconomic headwinds have been persistent due to high interest rates and an unwinding of excess inventory in industries like retail. Meanwhile, competitive pressure has led to the bankruptcy of less-than-truckload (LTL) carrier Yellow, put freight brokerage start-up Convoy out of business, and delivered a significant setback to Flexport, which was supposed to be an industry disruptor.
However, despite that challenging environment, XPO (NYSE: XPO) has emerged as a big winner this year, grabbing market share and breezing past analyst estimates. As a result, shares have more than doubled this year, up 132% year to date. The LTL carrier, which was the result of the spinoffs of GXO Logistics and RXO, showed off another round of strong results in its third-quarter earnings report on Monday.
Image source: XPO.
Source Fool.com
