QXO (NYSE:QXO) Sets New 1-Year High – Here’s What Happened

QXO, Inc. (NYSE:QXO) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $24.73 and last traded at $24.49, with a volume of 3748476 shares trading hands. The stock had previously closed at $23.38.

Analyst Ratings Changes

A number of brokerages recently weighed in on QXO. William Blair reaffirmed an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. KeyCorp set a $28.00 price target on shares of QXO in a research note on Wednesday, October 1st. Truist Financial reduced their price objective on shares of QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, December 19th. Vertical Research assumed coverage on shares of QXO in a research report on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.57.

QXO Stock Up 5.8%

The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $19.53 and its 200-day simple moving average is $20.12. The company has a market cap of $16.68 billion, a PE ratio of -56.26, a P/E/G ratio of 2.62 and a beta of 2.44.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. QXO had a positive return on equity of 3.70% and a negative net margin of 3.81%.The company had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.78 billion. The business’s revenue was up 20726.7% compared to the same quarter last year. As a group, equities research analysts expect that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC purchased a new position in shares of QXO during the second quarter valued at approximately $25,000. American Capital Advisory LLC lifted its stake in shares of 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 purchasing an additional 841 shares during the period. Bogart Wealth LLC purchased a new stake in QXO in the 3rd quarter valued at about $25,000. Allworth Financial LP increased its stake in shares of QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after acquiring an additional 1,149 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of QXO during the 2nd quarter valued at about $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.