QXO (NYSE:QXO) Hits New 12-Month Low – Here’s Why

QXO, Inc. (NYSE:QXO)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $15.50 and last traded at $15.6760, with a volume of 2573922 shares traded. The stock had previously closed at $16.70.

Wall Street Analysts Forecast Growth

QXO has been the subject of a number of research reports. Oppenheimer boosted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Citigroup lowered their target price on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Robert W. Baird reduced their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. KeyCorp increased their price target on shares of QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Finally, Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Sixteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

QXO Price Performance

The stock has a fifty day moving average of $20.01 and a two-hundred day moving average of $21.09. The stock has a market cap of $12.45 billion, a price-to-earnings ratio of -18.86, a price-to-earnings-growth ratio of 4.09 and a beta of 2.40. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. QXO’s quarterly revenue was up 12716.3% compared to the same quarter last year. On average, equities research analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current year.

Institutional Trading of QXO

A number of institutional investors have recently added to or reduced their stakes in QXO. Vanguard Group Inc. lifted its position in shares of QXO by 17.2% during the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after acquiring an additional 8,131,331 shares during the period. Finepoint Capital LP grew its holdings in shares of QXO by 5.4% in the 3rd quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock worth $424,954,000 after acquiring an additional 1,142,747 shares during the period. Fred Alger Management LLC grew its holdings in shares of QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after acquiring an additional 6,844,574 shares during the period. Baillie Gifford & Co. increased its stake in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after purchasing an additional 14,644,305 shares in the last quarter. Finally, Schf GPE LLC raised its holdings in QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares during 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.