Citigroup Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

QXO (NYSE:QXO) had its price objective reduced by investment analysts at Citigroup from $28.00 to $25.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 79.30% from the company’s current price.

A number of other research analysts also recently commented on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 price objective on shares of QXO in a research report on Friday. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. KeyCorp reduced their price target on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Stephens lowered their price target on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Finally, Oppenheimer raised their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Fifteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, QXO presently has an average rating of “Moderate Buy” and a consensus target price of $30.57.

QXO Stock Down 7.0%

Shares of NYSE:QXO traded down $1.05 during trading on Monday, hitting $13.94. 10,015,008 shares of the company were exchanged, compared to its average volume of 14,305,744. QXO has a fifty-two week low of $13.82 and a fifty-two week high of $27.61. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of -15.40, a P/E/G ratio of 3.84 and a beta of 2.23. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average price of $16.91 and a two-hundred day moving average price of $20.46.

QXO (NYSE:QXO) last released 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue was up 12716.3% on a year-over-year basis. As a group, research analysts anticipate that QXO will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of QXO

Several hedge funds and other institutional investors have recently modified their holdings of QXO. 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 worth $284,241,000 after purchasing an additional 14,644,305 shares during the period. MTCO Ltd. bought a new position in QXO in the 3rd quarter valued at about $208,534,000. Fred Alger Management LLC acquired a new position in shares of QXO in the 3rd quarter valued at approximately $173,053,000. Schf GPE LLC raised its position in shares of QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of QXO during the 4th quarter worth approximately $140,421,000. Institutional investors own 58.68% of the company’s stock.

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.