QXO (NYSE:QXO) Stock Price Down 6.3% – Here’s Why

QXO, Inc. (NYSE:QXO)’s share price was down 6.3% during mid-day trading on Friday . The stock traded as low as $14.45 and last traded at $14.4430. 12,525,226 shares traded hands during trading, a decline of 15% from the average daily volume of 14,716,649 shares. The stock had previously closed at $15.42.

Analysts Set New Price Targets

QXO has been the topic of a number of analyst reports. KeyCorp lowered their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Robert W. Baird reduced their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Stephens reduced their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 price objective on shares of QXO in a research note on Friday, July 10th. Fifteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $30.57.

QXO Stock Down 6.4%

The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The firm has a market cap of $10.46 billion, a PE ratio of -15.85, a P/E/G ratio of 3.69 and a beta of 2.23. The firm’s 50 day moving average is $16.45 and its 200-day moving average is $20.23.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business’s quarterly revenue was up 12716.3% compared to the same quarter last year. As a group, equities research analysts expect that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. grew its stake in QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock worth $122,000 after buying an additional 400 shares during the period. Cherry Creek Investment Advisors Inc. increased its position in shares of QXO by 0.6% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock worth $1,633,000 after acquiring an additional 474 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Maple Capital Management Inc. raised its stake in shares of QXO by 4.7% in the 4th quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock valued at $231,000 after acquiring an additional 543 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of QXO by 27.2% during the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock valued at $50,000 after acquiring an additional 552 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.