QXO (NYSE:QXO) Downgraded by Zacks Research to Strong Sell

QXO (NYSE:QXO) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

A number of other analysts have also recently commented on QXO. Citigroup cut their target price on QXO from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Oppenheimer lifted their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Royal Bank Of Canada cut their target price on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. BNP Paribas Exane assumed coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. Finally, Benchmark reiterated a “buy” rating on shares of QXO in a research report on Friday, February 20th. Sixteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

QXO Stock Down 3.9%

QXO stock opened at $17.04 on Tuesday. QXO has a 1-year low of $15.27 and a 1-year high of $27.61. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61. The stock has a market cap of $12.35 billion, a PE ratio of -18.73, a P/E/G ratio of 2.50 and a beta of 2.40. The stock’s fifty day moving average is $20.57 and its two-hundred day moving average is $21.14.

QXO (NYSE:QXO) last posted its 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). QXO had a positive return on equity of 1.93% and a negative net margin of 6.02%.The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The company’s quarterly revenue was up 12716.3% compared to the same quarter last year. On average, sell-side analysts expect that QXO will post 0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several institutional investors have recently added to or reduced their stakes in QXO. Baillie Gifford & Co. increased its position in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after acquiring an additional 14,644,305 shares during the period. MTCO Ltd. acquired a new position in QXO in the 3rd quarter valued at about $208,534,000. Fred Alger Management LLC acquired a new position in QXO in the 3rd quarter valued at about $173,053,000. Schf GPE LLC increased its position in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after acquiring an additional 8,943,089 shares during the period. Finally, Vanguard Group Inc. increased its position in QXO by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after acquiring an additional 8,131,331 shares during the period. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.