DA Davidson Upgrades QXO (NYSE:QXO) to “Strong-Buy”

QXO (NYSE:QXO) was upgraded by equities researchers at DA Davidson to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also recently weighed in on QXO. KeyCorp dropped their price target on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Morgan Stanley began coverage on shares of QXO in a report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price for the company. Stephens decreased their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

QXO Price Performance

Shares of NYSE:QXO opened at $13.88 on Monday. The firm’s 50 day moving average price is $15.12 and its 200-day moving average price is $18.53. QXO has a twelve month low of $13.15 and a twelve month high of $27.61. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $14.41 billion, a PE ratio of -15.43, a price-to-earnings-growth ratio of 2.31 and a beta of 2.28.

QXO (NYSE:QXO) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Equities research analysts expect that QXO will post 0.29 EPS for the current year.

Institutional Trading of QXO

Hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in shares of QXO by 1,744.6% during the second quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company’s stock valued at $224,565,000 after purchasing an additional 12,291,119 shares in the last quarter. Schf GPE LLC lifted its position in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Norges Bank purchased a new stake in shares of QXO in the fourth quarter worth about $140,421,000. Fred Alger Management LLC boosted its stake in QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after buying an additional 6,844,574 shares during the last quarter. Finally, Sound Shore Management Inc. CT bought a new position in QXO during the fourth quarter valued at approximately $77,199,000. 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.