QXO (NYSE:QXO) Rating Lowered to “Strong Sell” at Zacks Research

QXO (NYSE:QXO) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

QXO has been the topic of a number of other reports. Citigroup decreased their target price on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Oppenheimer lifted 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. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 price objective on shares of QXO in a report on Friday. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Finally, Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Fifteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and an average price target of $30.79.

QXO Stock Performance

QXO stock opened at $15.02 on Thursday. The stock’s 50 day moving average price is $16.91 and its 200 day moving average price is $20.47. The firm has a market capitalization of $10.89 billion, a PE ratio of -16.50, a price-to-earnings-growth ratio of 3.74 and a beta of 2.23. 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 one year low of $13.82 and a one year high of $27.61.

QXO (NYSE:QXO) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (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 firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. The firm’s revenue for the quarter was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts expect that QXO will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. grew its position in shares of 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 buying an additional 14,644,305 shares in the last quarter. MTCO Ltd. acquired a new stake in QXO in the third quarter valued at $208,534,000. Fred Alger Management LLC acquired a new stake in QXO in the third quarter valued at $173,053,000. Schf GPE LLC boosted its stake in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. Finally, Norges Bank bought a new position in QXO during the 4th quarter valued at $140,421,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.