QXO (NYSE:QXO) Trading 14.9% Higher – Here’s What Happened

QXO, Inc. (NYSE:QXO) shot up 14.9% during trading on Monday . The stock traded as high as $21.97 and last traded at $22.6670. 4,253,785 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 4,844,990 shares. The stock had previously closed at $19.72.

Analyst Ratings Changes

A number of analysts have commented on QXO shares. William Blair reiterated an “outperform” rating on shares of QXO in a research note on Wednesday. Truist Financial reduced their price target on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. KeyCorp set a $28.00 price target on QXO in a research report on Wednesday, October 1st. Loop Capital began coverage on QXO in a research report on Thursday, December 11th. They issued a “buy” rating and a $31.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.57.

QXO Stock Up 17.9%

The stock has a fifty day moving average price of $19.21 and a two-hundred day moving average price of $20.09. The company has a market cap of $15.68 billion, a price-to-earnings ratio of -52.80, a P/E/G ratio of 2.14 and a beta of 2.44. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QXO. Farther Finance Advisors LLC bought a new position in shares of QXO in the 2nd quarter valued at $25,000. American Capital Advisory LLC increased its stake in shares of QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after buying an additional 841 shares during the period. Allworth Financial LP raised its holdings in QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after purchasing an additional 1,149 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in QXO in the second quarter valued at $28,000. Finally, Bogart Wealth LLC bought a new stake in shares of QXO during the 3rd quarter valued at about $25,000. 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.