QXO (NYSE:QXO) Sets New 12-Month Low – Here’s What Happened

QXO, Inc. (NYSE:QXO)’s share price hit a new 52-week low during trading on Monday . The stock traded as low as $13.82 and last traded at $13.9850, with a volume of 4526401 shares changing hands. The stock had previously closed at $14.40.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup decreased their target price on QXO from $28.00 to $25.00 and set a “buy” rating for the company 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 Sunday, May 17th. KeyCorp decreased their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Royal Bank Of Canada restated an “outperform” rating and issued a $27.00 target price on shares of QXO in a research note on Friday, July 10th. Finally, Robert W. Baird reduced their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Fifteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, QXO has a consensus rating of “Moderate Buy” and a consensus price target of $30.57.

QXO Stock Performance

The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average price of $16.45 and a 200 day moving average price of $20.23. The stock has a market cap of $10.10 billion, a PE ratio of -15.39, a price-to-earnings-growth ratio of 3.69 and a beta of 2.23.

QXO (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The firm’s revenue was up 12716.3% compared to the same quarter last year. As a group, research analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Several hedge funds have recently modified their holdings of the business. Fred Alger Management LLC raised its stake in QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after buying an additional 6,844,574 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of 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. Schf GPE LLC increased its holdings in shares of 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. Cercano Management LLC raised its position in shares of QXO by 2.4% in the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock worth $208,637,000 after acquiring an additional 255,366 shares in the last quarter. Finally, Consulta Ltd lifted its stake in shares of QXO by 33.3% during the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock worth $192,900,000 after purchasing an additional 2,500,000 shares during the last quarter. Hedge funds and other institutional investors 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.