QXO (NYSE:QXO) Trading Down 6.3% – Here’s What Happened

QXO, Inc. (NYSE:QXO)’s share price dropped 6.3% on Friday . The company traded as low as $14.45 and last traded at $14.4430. 12,525,226 shares were traded during mid-day trading, a decline of 15% from the average session volume of 14,716,649 shares. The stock had previously closed at $15.42.

Analysts Set New Price Targets

Several research analysts have recently issued reports on QXO shares. Royal Bank Of Canada restated an “outperform” rating and set a $27.00 price objective on shares of QXO in a report on Friday, July 10th. KeyCorp decreased their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Citigroup cut their price target on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a report on Monday. Finally, Robert W. Baird decreased their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Fifteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.57.

QXO Trading Down 6.4%

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The business’s 50 day simple moving average is $16.54 and its 200 day simple moving average is $20.27. The stock has a market cap of $10.47 billion, a P/E ratio of -15.89, a PEG ratio of 3.93 and a beta of 2.23.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 positive return on equity of 1.91% and a negative net margin of 6.02%.QXO’s revenue was up 12716.3% on a year-over-year basis. On average, analysts expect that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

A number of hedge funds have recently made changes to their positions in the company. Arax Advisory Partners acquired a new position in QXO in the fourth quarter valued at about $25,000. LRI Investments LLC raised its stake in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after acquiring an additional 835 shares during the last quarter. Root Financial Partners LLC boosted its holdings in shares of QXO by 73,350.0% in the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in QXO during the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.