QXO (NYSE:QXO) Stock Price Up 14.9% – Here’s Why

QXO, Inc. (NYSE:QXO)’s share price shot up 14.9% during trading on Monday . The company traded as high as $21.97 and last traded at $22.6670. 4,253,785 shares were traded during trading, a decline of 12% from the average session volume of 4,844,990 shares. The stock had previously closed at $19.72.

Analysts Set New Price Targets

Several analysts have recently issued reports on QXO shares. Truist Financial decreased their price objective on QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. KeyCorp set a $28.00 price objective on shares of QXO in a research report on Wednesday, October 1st. Zacks Research downgraded shares of QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Finally, William Blair restated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.57.

QXO Stock Performance

The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average price of $19.53 and a 200 day moving average price of $20.12. The stock has a market cap of $15.78 billion, a P/E ratio of -53.18, a PEG ratio of 2.52 and a beta of 2.44.

QXO (NYSE:QXO) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO had a positive return on equity of 3.70% and a negative net margin of 3.81%.The company’s revenue was up 20726.7% on a year-over-year basis. As a group, sell-side analysts expect that QXO, Inc. will post -0.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Alpha Wave Global LP purchased a new stake in shares of QXO in the 2nd quarter worth $525,366,000. Vanguard Group Inc. raised its holdings in shares of QXO by 91.0% in the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock valued at $1,016,525,000 after acquiring an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP lifted its stake in QXO by 99.1% in the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after acquiring an additional 16,260,163 shares during the period. MTCO Ltd. bought a new position in QXO during the 3rd quarter worth about $208,534,000. Finally, Fred Alger Management LLC purchased a new position in QXO during the 3rd quarter valued at about $173,053,000. Institutional investors own 58.68% of the company’s stock.

QXO Company Profile

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.