QXO (NYSE:QXO) Hits New 1-Year Low – Here’s What Happened

Shares of QXO, Inc. (NYSE:QXO) hit a new 52-week low on Wednesday . The company traded as low as $14.60 and last traded at $14.5820, with a volume of 2764719 shares trading hands. The stock had previously closed at $15.25.

Analyst Ratings Changes

Several brokerages have weighed in on QXO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Oppenheimer lifted their price target on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Robert W. Baird reduced their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Stephens reduced their target price on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Finally, BNP Paribas Exane assumed coverage on shares of QXO in a research report on Monday, March 16th. They issued an “outperform” rating and a $30.00 price target for the company. Fifteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and an average target price of $30.86.

QXO Stock Down 0.3%

The business has a 50-day simple moving average of $17.00 and a two-hundred day simple moving average of $20.51. The stock has a market capitalization of $10.60 billion, a P/E ratio of -16.07, a PEG ratio of 3.76 and a beta of 2.23. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released 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 positive return on equity of 1.91% and a negative net margin of 6.02%.The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The company’s quarterly revenue was up 12716.3% compared to the same quarter last year. Equities research analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Bank & Trust raised its stake in shares of QXO by 7.3% in the second quarter. First Bank & Trust now owns 15,047 shares of the company’s stock worth $260,000 after acquiring an additional 1,026 shares during the last quarter. Avity Investment Management Inc. grew its stake in shares of QXO by 68.2% during the second quarter. Avity Investment Management Inc. now owns 18,378 shares of the company’s stock valued at $318,000 after purchasing an additional 7,450 shares during the last quarter. MFG Wealth Management Inc. grew its stake in shares of QXO by 65.1% during the second quarter. MFG Wealth Management Inc. now owns 89,728 shares of the company’s stock valued at $1,550,000 after purchasing an additional 35,374 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of QXO by 41,767.9% in the second quarter. FNY Investment Advisers LLC now owns 58,615 shares of the company’s stock valued at $1,012,000 after purchasing an additional 58,475 shares in the last quarter. Finally, Moody National Bank Trust Division increased its holdings in shares of QXO by 43.8% in the second quarter. Moody National Bank Trust Division now owns 156,350 shares of the company’s stock valued at $2,702,000 after purchasing an additional 47,600 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.