QXO (NYSE:QXO) Sets New 1-Year Low – Here’s Why

QXO, Inc. (NYSE:QXO) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $15.45 and last traded at $15.5250, with a volume of 13132600 shares changing hands. The stock had previously closed at $16.23.

Analysts Set New Price Targets

QXO has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Oppenheimer raised their price objective on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, February 20th. Citigroup dropped their target price on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Sixteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

QXO Stock Down 2.6%

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of -17.37, a price-to-earnings-growth ratio of 4.22 and a beta of 2.30. The firm’s 50-day moving average is $19.25 and its 200 day moving average is $21.04.

QXO (NYSE:QXO) last announced its quarterly earnings results 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 1.91%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. The company’s revenue was up 12716.3% on a year-over-year basis. Sell-side analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

A number of institutional investors have recently added to or reduced their stakes in QXO. Vanguard Group Inc. increased its stake in QXO by 17.2% during the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after acquiring an additional 8,131,331 shares during the last quarter. Finepoint Capital LP lifted its stake 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 valued at $424,954,000 after purchasing an additional 1,142,747 shares in the last quarter. Fred Alger Management LLC lifted its stake 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 valued at $307,173,000 after purchasing an additional 6,844,574 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares during the period. Finally, Schf GPE LLC grew its holdings in shares of QXO by 204.3% during the 2nd 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 period. Hedge funds and other 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.