Citigroup Lowers QXO (NYSE:QXO) Price Target to $30.00

QXO (NYSE:QXO) had its price target reduced by stock analysts at Citigroup from $31.00 to $30.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 60.81% from the stock’s previous close.

Several other equities analysts also recently weighed in on QXO. BNP Paribas Exane initiated coverage on QXO in a research report on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price for the company. Royal Bank Of Canada dropped their target price on QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. Oppenheimer lifted their target price on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. KeyCorp lifted their target price on QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded QXO from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.47.

QXO Stock Performance

NYSE QXO opened at $18.66 on Thursday. The company has a market cap of $13.53 billion, a P/E ratio of -31.62, a P/E/G ratio of 2.64 and a beta of 2.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61. The stock has a 50-day moving average of $21.03 and a two-hundred day moving average of $21.17. QXO has a 1-year low of $13.72 and a 1-year high of $27.61.

QXO (NYSE:QXO) last released its earnings results on Friday, February 27th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. The firm’s quarterly revenue was up 14725.0% compared to the same quarter last year. As a group, analysts anticipate that QXO will post 0.36 EPS for the current year.

Hedge Funds Weigh In On QXO

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its position in shares of QXO by 113.4% during the first quarter. PNC Financial Services Group Inc. now owns 34,936 shares of the company’s stock worth $678,000 after buying an additional 18,562 shares in the last quarter. Baader Bank Aktiengesellschaft grew its position in shares of QXO by 43.5% during the first quarter. Baader Bank Aktiengesellschaft now owns 330,000 shares of the company’s stock worth $6,409,000 after buying an additional 100,000 shares in the last quarter. WCM Investment Management LLC acquired a new position in shares of QXO during the first quarter worth about $1,976,000. AlphaCentric Advisors LLC acquired a new position in shares of QXO during the first quarter worth about $78,000. Finally, KBC Group NV grew its position in shares of QXO by 9.0% during the first quarter. KBC Group NV now owns 19,182 shares of the company’s stock worth $373,000 after buying an additional 1,590 shares in the last quarter. 58.68% of the stock is owned by institutional investors and hedge funds.

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.