QXO, Inc. (NYSE:QXO) Stock Now Rated “Moderate Buy” by Wall Street Analysts

QXO, Inc. (NYSE:QXO) has earned an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, thirteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $28.00.

A number of research firms recently weighed in on QXO. Citigroup lowered their price target on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Wells Fargo & Company set a $18.00 target price on QXO in a report on Tuesday, July 28th. DA Davidson assumed coverage on QXO in a research report on Monday, August 24th. They issued a “buy” rating and a $26.00 price target for the company. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price target on shares of QXO in a report on Friday, July 10th.

QXO Trading Down 0.4%

Shares of QXO opened at $12.24 on Friday. QXO has a 52-week low of $11.14 and a 52-week high of $27.61. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The firm’s fifty day moving average is $13.58 and its two-hundred day moving average is $16.71. The stock has a market cap of $12.69 billion, a PE ratio of -13.60, a price-to-earnings-growth ratio of 2.32 and a beta of 2.32.

QXO (NYSE:QXO) last released its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Research analysts forecast that QXO will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of QXO

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of QXO in the fourth quarter valued at about $140,421,000. Fred Alger Management LLC raised its stake in QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares during the period. Finepoint Capital LP raised its stake in QXO by 30.7% during the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock worth $313,007,000 after purchasing an additional 4,255,435 shares during the period. Sound Shore Management Inc. CT acquired a new position in QXO in the 4th quarter valued at about $77,199,000. Finally, Spyglass Capital Management LLC acquired a new position in QXO in the 2nd quarter valued at about $62,961,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Company Profile

QXO, Inc is a building products distribution company that supplies materials used in residential and commercial construction, repair and remodeling. Its product offerings include roofing materials, siding, waterproofing products and related building supplies, serving professional contractors and other customers through distribution facilities and sales channels.

The company was established as part of an initiative led by Brad Jacobs, who serves as QXO’s executive chairman and chief executive officer.