QXO (NYSE:QXO) Trading Down 6% – Here’s What Happened

QXO, Inc. (NYSE:QXO) fell 6% during trading on Thursday . The company traded as low as $13.45 and last traded at $13.2650. 1,876,981 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 15,365,610 shares. The stock had previously closed at $14.11.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Oppenheimer upped their price objective on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Stephens decreased their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Citigroup dropped their target price on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Wells Fargo & Company set a $18.00 price target on shares of QXO in a report on Tuesday, July 28th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.71.

QXO Stock Performance

The company has a quick ratio of 2.47, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The stock has a market cap of $13.65 billion, a price-to-earnings ratio of -14.62, a P/E/G ratio of 2.33 and a beta of 2.28. The company has a 50 day simple moving average of $15.37 and a 200 day simple moving average of $18.78.

QXO (NYSE:QXO) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. As a group, equities research analysts forecast that QXO, Inc. will post 0.29 EPS for the current year.

Institutional Trading of QXO

A number of hedge funds have recently added to or reduced their stakes in QXO. Fred Alger Management LLC increased its holdings in shares of QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after buying an additional 6,844,574 shares in the last quarter. Schf GPE LLC boosted its holdings in shares of 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 in the last quarter. Cercano Management LLC boosted its holdings in shares of QXO by 2.4% during the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock valued at $208,637,000 after acquiring an additional 255,366 shares in the last quarter. Consulta Ltd grew its position in QXO by 33.3% during the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock worth $192,900,000 after acquiring an additional 2,500,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in QXO by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 8,777,960 shares of the company’s stock worth $169,359,000 after purchasing an additional 61,120 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.