11 Best Freight Stocks To Buy Now

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9. Knight-Swift Transportation Holdings Inc. (NYSE:KNX)

Number of Hedge Fund Holders: 39

Knight-Swift Transportation Holdings Inc. (NYSE:KNX) ranks ninth on our list of the best freight stocks to buy now. The transport company provides full truckload carrier services with an extensive fleet of 19,00 tractors, 58,000 trailers, and a 24,000-person workforce.

Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is popular among investors. At the close of Q1 2024, 39 investors were bullish on the stock and held positions worth $729.45 million. Of those, Brandon Haley’s Holocene Advisors held the largest stake with a position worth $145.06 million. The stock is also on analysts’ radars. Based on 19 analyst ratings, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) has a median price target of $55, which implies an upside of 16.43% from its current price of $47.24. The stock sports a consensus buy rating.

In June 2023 Knight-Swift Transportation Holdings Inc. (NYSE:KNX) acquired logistics company U.S. Express and has worked on optimizing it since then. The group believes the newly added business will outperform the legacy U.S. Express and bridge the margin gap between its legacy Knight and Swift fleets as the transportation and freight market recovers. Management is focused on improving margins and generating free cash flow to pursue more acquisitions in the less-than-truckload LTL market, and the mid-term goal for them is to set up a national network with an annual revenue of $2 billion.

While the industry is experiencing major headwinds, analysts expect the company to push through and grow its earnings by 121.05% over the next 12 months and 42.2% over the next five years. On May 15, Raymond James reiterated a strong buy rating on Knight-Swift Transportation Holdings Inc. (NYSE:KNX) and maintained a price target of $58.

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