QXO Sees Unusually Large Options Volume (NYSE:QXO)

QXO, Inc. (NYSE:QXO) saw unusually large options trading activity on Monday. Traders acquired 40,720 put options on the stock. This represents an increase of 47% compared to the average daily volume of 27,619 put options.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on QXO shares. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. Royal Bank Of Canada decreased their price target on QXO from $27.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Citigroup lowered their price objective on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Zacks Research raised QXO from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Finally, Morgan Stanley assumed coverage on QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.36.

Hedge Funds Weigh In On QXO

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Legacy Wealth Asset Management LLC increased its holdings in shares of QXO by 53.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 16,643 shares of the company’s stock valued at $195,000 after acquiring an additional 5,830 shares in the last quarter. Chapin Davis Inc. acquired a new stake in QXO in the 3rd quarter valued at $830,000. Hardin Capital Partners LLC bought a new stake in QXO during the 3rd quarter valued at $129,000. Gainplan LLC increased its stake in QXO by 390.2% during the 3rd quarter. Gainplan LLC now owns 502,025 shares of the company’s stock valued at $5,869,000 after purchasing an additional 399,605 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in QXO by 38.9% during the third quarter. GAMMA Investing LLC now owns 5,154 shares of the company’s stock worth $60,000 after buying an additional 1,444 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

QXO Stock Down 3.4%

Shares of QXO stock traded down $0.36 during trading on Monday, reaching $10.45. 10,179,756 shares of the company traded hands, compared to its average volume of 16,065,182. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. QXO has a 1-year low of $10.39 and a 1-year high of $27.61. The company has a 50 day moving average price of $13.13 and a 200-day moving average price of $16.04. The firm has a market capitalization of $10.84 billion, a PE ratio of -11.62, a P/E/G ratio of 2.20 and a beta of 2.30.

QXO (NYSE:QXO) last issued its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. As a group, equities research analysts expect that QXO will post 0.25 earnings per share for the current fiscal year.

About QXO

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.