QXO (NYSE:QXO) Stock Price Down 7.8% – Here’s Why

QXO, Inc. (NYSE:QXO)’s share price fell 7.8% on Wednesday . The company traded as low as $15.15 and last traded at $15.1250. 9,701,991 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 11,529,263 shares. The stock had previously closed at $16.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on QXO. Stephens dropped their price target on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. KeyCorp lifted their price objective 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, Robert W. Baird lowered their price target on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Fifteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Trading Up 9.6%

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 company’s fifty day moving average is $18.90 and its 200-day moving average is $21.02. The stock has a market cap of $11.97 billion, a PE ratio of -18.13, a PEG ratio of 3.86 and a beta of 2.30.

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 the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arax Advisory Partners purchased a new stake in QXO during the fourth quarter worth $25,000. LRI Investments LLC increased its holdings in QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after buying an additional 835 shares in the last quarter. Root Financial Partners LLC raised its position in shares of QXO by 73,350.0% in the first 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 during the period. Newbridge Financial Services Group Inc. boosted its stake in shares of QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of QXO during the 2nd quarter worth about $30,000. Institutional investors and hedge funds 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.