Robert W. Baird Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

QXO (NYSE:QXO) had its price target lowered by analysts at Robert W. Baird from $35.00 to $30.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target suggests a potential upside of 69.08% from the stock’s previous close.

A number of other analysts also recently commented on the company. KeyCorp boosted their target price on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Royal Bank Of Canada decreased their target price on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. BNP Paribas Exane assumed coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. Wall Street Zen downgraded QXO from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Citigroup decreased their target price on QXO from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Sixteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, QXO currently has an average rating of “Moderate Buy” and a consensus price target of $32.33.

QXO Stock Down 3.8%

QXO opened at $17.74 on Wednesday. The business’s fifty day moving average is $20.69 and its two-hundred day moving average is $21.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.61 and a current ratio of 3.58. The company has a market cap of $12.86 billion, a price-to-earnings ratio of -30.07, a PEG ratio of 2.60 and a beta of 2.40. QXO has a one year low of $14.41 and a one year high of $27.61.

QXO (NYSE:QXO) last posted its earnings results on Thursday, May 14th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.QXO’s quarterly revenue was up 12716.3% on a year-over-year basis. Analysts anticipate that QXO will post 0.36 EPS for the current fiscal year.

Institutional Trading of QXO

Several institutional investors and hedge funds have recently made changes to their positions in QXO. Royal Bank of Canada lifted its position 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 valued at $1,620,000 after acquiring an additional 48,248 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of QXO in the first quarter valued at $615,000. Millennium Management LLC lifted its position in shares of QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after acquiring an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 valued at $9,449,000 after acquiring an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of QXO in the second quarter valued at $837,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.