Stock Traders Buy Large Volume of QXO Call Options (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the target of some unusual options trading activity on Tuesday. Traders acquired 36,622 call options on the stock. This represents an increase of approximately 52% compared to the average volume of 24,051 call options.

Institutional Trading of QXO

Several institutional investors have recently added to or reduced their stakes in QXO. Royal Bank of Canada grew its holdings in QXO by 67.5% during the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after acquiring an additional 48,248 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of QXO in the 1st quarter valued at about $615,000. Millennium Management LLC raised its stake in shares of QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after purchasing 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% during 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 worth $9,449,000 after purchasing an additional 81,758 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of QXO during the second quarter worth about $837,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on QXO shares. Wells Fargo & Company set a $18.00 price target on QXO in a report on Tuesday, July 28th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Stephens decreased their target price on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Robert W. Baird dropped their target price on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Morgan Stanley initiated coverage on QXO in a research report on Tuesday. They set an “overweight” rating and a $35.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.71.

QXO Stock Up 9.6%

Shares of NYSE QXO traded up $1.35 during midday trading on Tuesday, reaching $15.45. 24,400,892 shares of the company’s stock were exchanged, compared to its average volume of 15,222,034. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO has a 52-week low of $13.18 and a 52-week high of $27.61. The business’s fifty day moving average price is $15.74 and its two-hundred day moving average price is $19.54. The stock has a market capitalization of $16.02 billion, a PE ratio of -17.00, a price-to-earnings-growth ratio of 2.38 and a beta of 2.28.

QXO (NYSE:QXO) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The business’s revenue was up 12716.3% on a year-over-year basis. Analysts forecast that QXO will post 0.28 EPS for the current year.

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.