QXO (NYSE:QXO) Hits New 1-Year Low – What’s Next?

QXO, Inc. (NYSE:QXO)’s share price reached a new 52-week low during trading on Wednesday. The company traded as low as $10.25 and last traded at $10.3350, with a volume of 5,583,840 shares traded. The stock had previously closed at $11.02.

Wall Street Analyst Weigh In

A number of research firms have issued reports on QXO. Melius Research started coverage on QXO in a research report on Tuesday, October 6th. They issued a “buy” rating and a $17.00 target price on the stock. DA Davidson set a $20.00 target price on shares of QXO in a report on Friday. Royal Bank Of Canada reduced their price target on shares of QXO from $27.00 to $18.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 7th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Finally, Morgan Stanley assumed coverage on shares of QXO in a research report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.21.

QXO Trading Down 6.1%

The business has a fifty day simple moving average of $12.97 and a 200-day simple moving average of $15.90. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of -11.49, a PEG ratio of 2.16 and a beta of 2.30. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11.

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

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently added to or reduced their stakes in QXO. Finepoint Capital LP boosted its position in shares of QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after purchasing an additional 4,255,435 shares in the last quarter. Fred Alger Management LLC grew 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 worth $307,173,000 after purchasing an additional 6,844,574 shares during the period. Consulta Ltd increased its holdings in QXO by 33.3% in the fourth quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock worth $192,900,000 after purchasing an additional 2,500,000 shares in the last quarter. Spyglass Capital Management LLC bought a new stake in QXO in the second quarter worth approximately $62,961,000. Finally, Bank of New York Mellon Corp acquired a new position in QXO in the second quarter valued at approximately $44,919,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Company Profile

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.