QXO (NYSE:QXO) Stock Price Down 7.8% – What’s Next?

QXO, Inc. (NYSE:QXO) shares fell 7.8% on Wednesday . The stock traded as low as $15.15 and last traded at $15.1250. 9,701,991 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 11,529,263 shares. The stock had previously closed at $16.40.

Wall Street Analyst Weigh In

Several brokerages have weighed in on QXO. Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Stephens lowered their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Citigroup lowered their target price on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Finally, Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Fifteen investment 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.14.

QXO Stock Down 9.6%

The company’s 50 day moving average price is $19.03 and its 200 day moving average price is $21.03. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $10.75 billion, a price-to-earnings ratio of -16.29, a P/E/G ratio of 3.98 and a beta of 2.30.

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

Institutional Investors Weigh In On QXO

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fred Alger Management LLC acquired a new position in QXO during the third quarter valued at $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after purchasing an additional 774,138 shares during the period. Baillie Gifford & Co. lifted its position in QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after purchasing an additional 14,644,305 shares during the period. JNBA Financial Advisors acquired a new position in QXO during the fourth quarter valued at $992,000. Finally, Neuberger Berman Group LLC lifted its position in QXO by 36.0% during the third quarter. Neuberger Berman Group LLC now owns 1,108,631 shares of the company’s stock valued at $21,131,000 after purchasing an additional 293,351 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.