QXO (NYSE:QXO) Shares Up 5.8% – Still a Buy?

QXO, Inc. (NYSE:QXO)’s stock price was up 5.8% during trading on Thursday. The stock traded as high as $10.69 and last traded at $10.9120. Approximately 1,345,789 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 16,281,890 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial cut their price target on QXO from $26.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Morgan Stanley assumed coverage on QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. DA Davidson set a $20.00 target price on QXO in a report on Friday, October 9th. Finally, Citigroup reduced their price target on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.77.

QXO Stock Performance

The business’s 50-day simple moving average is $12.22 and its two-hundred day simple moving average is $15.45. The firm has a market cap of $10.89 billion, a price-to-earnings ratio of -11.67, a P/E/G ratio of 2.32 and a beta of 2.30. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last posted 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. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The business had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. As a group, sell-side analysts expect that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently bought and sold shares of QXO. Carnegie Investment Counsel raised its stake in QXO by 38.6% in the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after purchasing an additional 86,265 shares during the last quarter. CI Investments Inc. lifted its holdings in QXO by 4.1% in the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after purchasing an additional 102,838 shares in the last quarter. Gainplan LLC lifted its holdings in QXO by 390.2% in 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. Fort Washington Investment Advisors Inc. OH boosted its stake in QXO by 25.9% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock worth $66,679,000 after purchasing an additional 1,173,274 shares during the last quarter. Finally, Hudson Value Partners LLC boosted its stake in QXO by 87.6% during the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock worth $3,732,000 after purchasing an additional 100,856 shares during the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Company Profile

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.