QXO Target of Unusually High Options Trading (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 23,081 call options on the company. This is an increase of approximately 50% compared to the typical volume of 15,402 call options.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on QXO shares. Oppenheimer boosted their target price on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Stephens cut their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. KeyCorp increased their target price on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Finally, Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.14.

QXO Stock Up 1.6%

QXO stock traded up $0.28 during midday trading on Wednesday, hitting $17.29. The company’s stock had a trading volume of 7,212,767 shares, compared to its average volume of 11,749,330. The firm has a 50-day simple moving average of $18.76 and a 200-day simple moving average of $21.00. The firm has a market capitalization of $12.54 billion, a P/E ratio of -19.13, a PEG ratio of 4.28 and a beta of 2.30. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO has a 52-week low of $14.75 and a 52-week high of $27.61.

QXO (NYSE:QXO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company’s quarterly revenue was up 12716.3% compared to the same quarter last year. As a group, equities analysts forecast that QXO will post 0.2 EPS for the current year.

Hedge Funds Weigh In On QXO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC grew its position in shares of QXO by 3.8% during the first quarter. Janus Henderson Group PLC now owns 269,200 shares of the company’s stock worth $5,224,000 after buying an additional 9,787 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in QXO by 17.2% in the first quarter. Arkadios Wealth Advisors now owns 59,040 shares of the company’s stock valued at $1,147,000 after acquiring an additional 8,644 shares in the last quarter. Opal Capital LLC lifted its stake in QXO by 2,185.2% in the first quarter. Opal Capital LLC now owns 255,846 shares of the company’s stock worth $4,969,000 after acquiring an additional 244,650 shares during the last quarter. Amundi lifted its stake in QXO by 11.3% in the first quarter. Amundi now owns 1,264,434 shares of the company’s stock worth $24,555,000 after acquiring an additional 127,933 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in QXO by 22.4% during the 1st quarter. California State Teachers Retirement System now owns 704,530 shares of the company’s stock worth $13,682,000 after acquiring an additional 129,164 shares in the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.

About QXO

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.