QXO (NYSE:QXO) Downgraded by Zacks Research to Strong Sell

QXO (NYSE:QXO) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

QXO has been the topic of a number of other research reports. KeyCorp lifted their price objective on QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Oppenheimer lifted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Benchmark reaffirmed a “buy” rating on shares of QXO in a report on Friday, February 20th. Royal Bank Of Canada lowered their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, April 6th. Finally, Citigroup lowered their price objective on QXO from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Sixteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and an average target price of $32.33.

QXO Price Performance

Shares of QXO opened at $17.04 on Tuesday. QXO has a twelve month low of $15.27 and a twelve month high of $27.61. The stock’s 50 day moving average is $20.57 and its two-hundred day moving average is $21.14. The firm has a market capitalization of $12.35 billion, a PE ratio of -18.73, a P/E/G ratio of 2.50 and a beta of 2.40. The company has a current ratio of 3.58, a quick ratio of 2.61 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.93%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The firm’s revenue was up 12716.3% on a year-over-year basis. Research analysts anticipate that QXO will post 0.36 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Institutional investors have recently modified their holdings of the company. Arax Advisory Partners purchased a new stake in shares of QXO during the 4th quarter worth approximately $25,000. Bogart Wealth LLC purchased a new stake in shares of QXO during the 3rd quarter worth approximately $25,000. Russell Investments Group Ltd. purchased a new stake in shares of QXO during the 2nd quarter worth approximately $30,000. Root Financial Partners LLC boosted its stake in shares of QXO by 73,350.0% during the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares in the last quarter. Finally, LRI Investments LLC boosted its stake in shares of QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after acquiring an additional 835 shares in the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.

About QXO

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.