QXO (NYSE:QXO) Stock Jumps 5.8% – What’s Next?

QXO, Inc. (NYSE:QXO) shares shot up 5.8% during trading on Thursday. The company traded as high as $10.69 and last traded at $10.9120. 1,345,789 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 16,281,890 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their price objective on QXO from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. DA Davidson set a $20.00 target price on QXO in a research report on Friday, October 9th. Truist Financial dropped their price target on QXO from $26.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Finally, KeyCorp dropped their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.77.

QXO Stock Up 7.1%

The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The firm’s 50-day moving average is $12.37 and its 200 day moving average is $15.54. The firm has a market capitalization of $11.46 billion, a PE ratio of -12.27, a price-to-earnings-growth ratio of 2.20 and a beta of 2.30.

QXO (NYSE:QXO) last posted its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. As a group, research analysts forecast that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Several hedge funds have recently made changes to their positions in the business. Sepio Capital LP purchased a new stake in QXO in the third quarter valued at approximately $911,000. Root Financial Partners LLC purchased a new position in QXO in the 3rd quarter worth approximately $37,000. Investment House LLC increased its stake in QXO by 28.4% during the 3rd quarter. Investment House LLC now owns 855,460 shares of the company’s stock worth $10,000,000 after buying an additional 189,055 shares during the period. E. Ohman J or Asset Management AB acquired a new position in shares of QXO in the third quarter worth about $14,050,000. Finally, SBI Securities Co. Ltd. boosted its stake in shares of QXO by 241.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 6,849 shares of the company’s stock valued at $80,000 after buying an additional 4,842 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

About QXO

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.