Citigroup Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

QXO (NYSE:QXO) had its price objective reduced by equities researchers at Citigroup from $30.00 to $28.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 67.37% from the company’s current price.

Other research analysts also recently issued research reports about the company. BNP Paribas Exane assumed coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price for the company. Wall Street Zen downgraded QXO from a “sell” rating to a “strong sell” rating in a report on Saturday, May 9th. Zacks Research lowered QXO from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Royal Bank Of Canada reduced their price target on QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. Finally, Robert W. Baird dropped their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday. Sixteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.00.

QXO Stock Performance

QXO traded down $0.70 during trading hours on Friday, hitting $16.73. The stock had a trading volume of 11,562,946 shares, compared to its average volume of 10,617,191. The company’s fifty day simple moving average is $20.48 and its 200 day simple moving average is $21.14. QXO has a 1 year low of $15.50 and a 1 year high of $27.61. The stock has a market cap of $12.13 billion, a PE ratio of -18.26, a price-to-earnings-growth ratio of 2.40 and a beta of 2.40. The company has a quick ratio of 2.61, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last announced its quarterly earnings data 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). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO’s quarterly revenue was up 12716.3% on a year-over-year basis. Equities analysts anticipate that QXO will post 0.36 earnings per share for the current year.

Institutional Trading of QXO

Several hedge funds and other institutional investors have recently modified their holdings of QXO. Royal Bank of Canada increased its stake in shares of QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after purchasing an additional 48,248 shares during the period. AQR Capital Management LLC bought a new position in shares of QXO in the first quarter worth about $615,000. Millennium Management LLC increased its stake in shares of QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after purchasing an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of QXO by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after purchasing an additional 81,758 shares during the period. Finally, American Century Companies Inc. bought a new position in shares of QXO in the second quarter worth about $837,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.