QXO (NYSE:QXO) Price Target Lowered to $28.00 at Citigroup

QXO (NYSE:QXO) had its target price reduced by Citigroup from $30.00 to $28.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also weighed in on QXO. Oppenheimer increased their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Stephens reduced their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday. KeyCorp raised their price objective on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Robert W. Baird reduced their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Wall Street Zen cut QXO from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Sixteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

QXO Stock Down 6.3%

Shares of QXO stock opened at $16.34 on Friday. The company has a market cap of $11.85 billion, a P/E ratio of -17.95, a PEG ratio of 3.40 and a beta of 2.40. QXO has a 52-week low of $15.50 and a 52-week high of $27.61. The company has a quick ratio of 2.61, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average price is $20.34 and its 200-day moving average price is $21.10.

QXO (NYSE:QXO) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.QXO’s revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts predict that QXO will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several large investors have recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after acquiring an additional 14,644,305 shares during the period. MTCO Ltd. acquired a new position in QXO during the third quarter worth $208,534,000. Fred Alger Management LLC acquired a new position in QXO during the third quarter worth $173,053,000. Schf GPE LLC raised its position in QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the period. Finally, Vanguard Group Inc. raised its position in QXO by 17.2% during the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after acquiring an additional 8,131,331 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.