QXO (NYSE:QXO) Stock Rating Upgraded by Wells Fargo & Company

QXO (NYSE:QXO) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on QXO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Stephens decreased their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Robert W. Baird decreased their target price on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Citigroup cut 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. Finally, Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.

QXO Stock Performance

Shares of QXO opened at $13.39 on Tuesday. The firm’s 50 day moving average is $15.93 and its 200-day moving average is $19.78. The stock has a market capitalization of $9.71 billion, a P/E ratio of -14.72, a P/E/G ratio of 2.54 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. QXO has a 12-month low of $13.20 and a 12-month high of $27.61.

QXO (NYSE:QXO) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue was up 12716.3% compared to the same quarter last year. Equities research analysts anticipate that QXO will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently added to or reduced their stakes in QXO. Arax Advisory Partners purchased a new stake in shares of QXO in the fourth quarter valued at $25,000. LRI Investments LLC grew its holdings in shares of QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after buying an additional 835 shares in the last quarter. Root Financial Partners LLC grew its holdings in shares of QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after buying an additional 1,467 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after buying an additional 575 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in QXO during the second quarter valued at $30,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.