QXO (NYSE:QXO) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of QXO (NYSE:QXO) from a strong sell rating to a hold rating in a report released on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Citigroup lowered their price objective on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Stephens decreased their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday. KeyCorp reduced their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Finally, Robert W. Baird reduced their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.71.

QXO Price Performance

Shares of QXO opened at $14.24 on Monday. 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 stock has a market cap of $10.33 billion, a PE ratio of -15.65, a PEG ratio of 2.62 and a beta of 2.23. QXO has a 12-month low of $13.32 and a 12-month high of $27.61. The business has a 50-day simple moving average of $16.01 and a two-hundred day simple moving average of $19.86.

QXO (NYSE:QXO) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) 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 negative net margin of 6.02% and a positive return on equity of 1.91%. QXO’s revenue for the quarter was up 12716.3% compared to the same quarter last year. Analysts anticipate that QXO will post 0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

A number of hedge funds have recently made changes to their positions in the business. Carnegie Investment Counsel boosted its stake in QXO by 38.6% in the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after acquiring an additional 86,265 shares during the last quarter. CI Investments Inc. grew its position in shares of QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of QXO by 748.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock worth $16,928,000 after purchasing an additional 774,138 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares during the last quarter. Finally, JNBA Financial Advisors bought a new stake in shares of QXO in the 4th quarter worth approximately $992,000. 58.68% of the stock is currently owned by institutional investors.

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.