Short Interest in QXO, Inc. (NYSE:QXO) Declines By 35.6%

QXO, Inc. (NYSE:QXO) was the target of a significant decrease in short interest in July. As of July 15th, there was short interest totaling 105,728,316 shares, a decrease of 35.6% from the June 30th total of 164,138,596 shares. Based on an average trading volume of 33,813,115 shares, the days-to-cover ratio is currently 3.1 days. Currently, 24.7% of the shares of the stock are short sold.

QXO Stock Performance

NYSE QXO opened at $13.34 on Friday. The business’s 50-day moving average price is $15.79 and its 200 day moving average price is $19.65. QXO has a twelve month low of $13.18 and a twelve month high of $27.61. The company has a market capitalization of $13.84 billion, a PE ratio of -14.66, a price-to-earnings-growth ratio of 2.38 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.

QXO (NYSE:QXO) last issued its quarterly 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). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue for the quarter was up 12716.3% on a year-over-year basis. On average, research analysts predict that QXO will post 0.28 earnings per share for the current year.

Institutional Investors Weigh In On QXO

A number of institutional investors have recently bought and sold shares of QXO. Arax Advisory Partners purchased a new position in QXO during the fourth quarter worth approximately $25,000. Russell Investments Group Ltd. acquired a new position in shares of QXO in the 2nd quarter valued at $30,000. Root Financial Partners LLC grew its stake in shares of QXO by 73,350.0% during the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after buying an additional 1,467 shares during the period. LRI Investments LLC grew its stake in shares of QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after buying an additional 835 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of 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 buying an additional 575 shares during the last quarter. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Royal Bank Of Canada restated an “outperform” rating and issued a $27.00 target price on shares of QXO in a report on Friday, July 10th. Oppenheimer raised their price target on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Stephens cut their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Finally, Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $29.71.

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.