QXO (NYSE:QXO) Shares Break Above 50 Day Moving Average – Should You Sell?

QXO, Inc. (NYSE:QXO) shares passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $11.84 and traded as high as $12.84. QXO shares last traded at $12.6960, with a volume of 23,424,596 shares.

Analysts Set New Price Targets

QXO has been the subject of a number of research reports. Royal Bank Of Canada reduced their price objective on QXO from $27.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, October 7th. Citigroup dropped their target price on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Melius Research assumed coverage on QXO in a research note on Tuesday, October 6th. They set a “buy” rating and a $17.00 price target for the company. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, August 14th. Finally, Morgan Stanley started coverage on shares of QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.77.

QXO Stock Up 8.4%

The company’s 50 day moving average price is $11.84 and its two-hundred day moving average price is $17.15. The firm has a market cap of $13.17 billion, a PE ratio of -14.11, a PEG ratio of 2.61 and a beta of 2.42. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last issued its quarterly earnings data 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 during 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%. On average, equities research analysts expect that QXO, Inc. will post 0.22 EPS for the current fiscal year.

Institutional Trading of QXO

Hedge funds have recently bought and sold shares of the stock. Welch & Forbes LLC bought a new position in shares of QXO in the third quarter worth about $320,000. AlphaCore Capital LLC lifted its position in shares of QXO by 56.5% during the 3rd quarter. AlphaCore Capital LLC now owns 27,302 shares of the company’s stock valued at $319,000 after buying an additional 9,861 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in shares of QXO during the 3rd quarter valued at approximately $990,000. Hohimer Wealth Management LLC grew its stake in shares of QXO by 206.1% during the 3rd quarter. Hohimer Wealth Management LLC now owns 359,607 shares of the company’s stock valued at $4,204,000 after acquiring an additional 242,127 shares during the period. Finally, Carret Asset Management LLC grew its stake in shares of QXO by 4.9% during the 3rd quarter. Carret Asset Management LLC now owns 92,145 shares of the company’s stock valued at $1,077,000 after acquiring an additional 4,325 shares during the period. Institutional investors 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.