Citigroup Cuts QXO (NYSE:QXO) Price Target to $31.00

QXO (NYSE:QXO) had its price objective reduced by Citigroup from $33.00 to $31.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on the company. William Blair reiterated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. KeyCorp set a $28.00 price target on QXO in a research note on Wednesday, October 1st. Vertical Research started coverage on QXO in a report on Tuesday, October 21st. They set a “buy” rating and a $30.00 price target for the company. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Finally, Loop Capital began coverage on shares of QXO in a research report on Thursday, December 11th. They issued a “buy” rating and a $31.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.21.

QXO Trading Up 1.4%

Shares of QXO opened at $25.00 on Thursday. QXO has a 12-month low of $11.85 and a 12-month high of $25.05. The firm has a market capitalization of $16.86 billion, a P/E ratio of -56.81, a P/E/G ratio of 2.78 and a beta of 2.44. The firm has a 50-day moving average price of $19.82 and a 200 day moving average price of $20.14. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last issued its earnings results on Thursday, November 6th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.78 billion. The firm’s revenue for the quarter was up 20726.7% compared to the same quarter last year. Sell-side analysts forecast that QXO will post -0.13 EPS for the current year.

Institutional Trading of QXO

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC purchased a new position in shares of QXO in the second quarter valued at approximately $25,000. American Capital Advisory LLC lifted its holdings in QXO by 258.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after buying an additional 841 shares in the last quarter. Bogart Wealth LLC acquired a new stake in QXO during the 3rd quarter worth approximately $25,000. Allworth Financial LP boosted its position in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after buying an additional 1,149 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of QXO in the second quarter worth $28,000. 58.68% of the stock is currently owned by hedge funds and other 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.