Zacks Research Upgrades QXO (NYSE:QXO) to Hold

QXO (NYSE:QXO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

QXO has been the topic of a number of other research reports. Stephens reduced their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. KeyCorp increased their target price on QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. BNP Paribas Exane began coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Oppenheimer increased their target price on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Fifteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Stock Up 9.6%

QXO opened at $16.50 on Wednesday. The stock has a market cap of $11.97 billion, a PE ratio of -18.13, a P/E/G ratio of 3.86 and a beta of 2.30. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO has a 52 week low of $14.75 and a 52 week high of $27.61. The business’s fifty day simple moving average is $18.90 and its 200 day simple moving average is $21.02.

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

Institutional Trading of QXO

Several institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in QXO by 3.8% during the first quarter. Janus Henderson Group PLC now owns 269,200 shares of the company’s stock valued at $5,224,000 after buying an additional 9,787 shares during the period. Arkadios Wealth Advisors boosted its position in QXO by 17.2% during the first quarter. Arkadios Wealth Advisors now owns 59,040 shares of the company’s stock valued at $1,147,000 after buying an additional 8,644 shares during the period. Opal Capital LLC boosted its position in QXO by 2,185.2% during the first quarter. Opal Capital LLC now owns 255,846 shares of the company’s stock valued at $4,969,000 after buying an additional 244,650 shares during the period. Amundi boosted its position in QXO by 11.3% during the first quarter. Amundi now owns 1,264,434 shares of the company’s stock valued at $24,555,000 after buying an additional 127,933 shares during the period. Finally, California State Teachers Retirement System boosted its position in QXO by 22.4% during the first quarter. California State Teachers Retirement System now owns 704,530 shares of the company’s stock valued at $13,682,000 after buying an additional 129,164 shares during the period. 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.