4 Red-Hot Freight Stocks to Buy Right Now By StockNews

4 Red-Hot Freight Stocks to Buy Right Now

Stock Markets Sep 23, 2021 01:30PM ET

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4 Red-Hot Freight Stocks to Buy Right Now

The resumption of industrial activities with the economy’s recovery from its pandemic-led slump has been fostering rising demand for freight services. Ongoing supply chain issues are driving high demand for transportation, warehousing, and logistics services. Therefore, we believe that fundamentally sound freight stocks Ryder (R), Daseke (NASDAQ:DSKE), P.A.M. Transportation (PTSI), and Covenant Logistics (CVLG) could be solid bets now. So, let’s pore over these names.As the economic recovery and solid progress on the vaccination front help industries resume their operations and gradually return to pre-pandemic capacity, the need for the transportation of raw materials, equipment, and other goods is on the rise. Notably, ongoing supply chain issues have been driving the rising demand for transportation, logistics, and warehousing services. With many freight companies now increasing their capacity to meet the increasing demand, the industry should witness solid growth.

Also, an increased focus on improving fuel efficiency and a growing interest in autonomous trucking should help freight companies grow further. The global freight trucking market is expected to grow at a 3% CAGR to $1.11 trillion by 2027.

Hence, we believe Ryder System, Inc. (NYSE:R), Daseke, Inc. (DSKE), P.A.M. Transportation Services, Inc. (NASDAQ:PTSI), and Covenant Logistics Group, Inc. (CVLG) are well-positioned to capitalize on the industry tailwinds. So, it could be wise to bet on these stocks now.

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