QXO, Inc. (NYSE:QXO) Stock Has Average Target Price of $28.00 According to Brokerages

QXO, Inc. (NYSE:QXO) has received an average recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $28.00.

QXO has been the subject of a number of recent analyst reports. Citigroup reduced their price objective 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. Morgan Stanley initiated coverage on QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Benchmark reaffirmed a “buy” rating on shares of QXO in a report on Friday, August 14th. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research report on Wednesday, August 26th.

Institutional Trading of QXO

Several hedge funds have recently added to or reduced their stakes in the stock. Carnegie Investment Counsel grew its stake in QXO by 38.6% in the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after buying an additional 86,265 shares in the last quarter. CI Investments Inc. lifted its position in shares of QXO by 4.1% during the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock worth $50,469,000 after acquiring an additional 102,838 shares in the last quarter. Hudson Value Partners LLC lifted its position in shares of QXO by 87.6% during the second quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock worth $3,732,000 after acquiring an additional 100,856 shares in the last quarter. Griffin Asset Management Inc. bought a new position in shares of QXO in the first quarter worth $2,057,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of QXO in the first quarter worth $1,610,000. Institutional investors own 58.68% of the company’s stock.

QXO Price Performance

QXO opened at $12.04 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The company has a market capitalization of $12.49 billion, a price-to-earnings ratio of -13.38, a P/E/G ratio of 2.13 and a beta of 2.30. The firm’s fifty day moving average price is $13.39 and its two-hundred day moving average price is $16.40. QXO has a 1 year low of $11.14 and a 1 year high of $27.61.

QXO (NYSE:QXO) last posted its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. As a group, analysts anticipate that QXO will post 0.28 earnings per share for the current fiscal year.

About QXO

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.