Stock Traders Purchase High Volume of QXO Call Options (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the target of unusually large options trading on Thursday. Traders acquired 224,501 call options on the stock. This is an increase of approximately 753% compared to the average daily volume of 26,308 call options.

QXO Trading Down 5.5%

Shares of NYSE:QXO traded down $0.78 during trading on Thursday, hitting $13.33. 10,423,143 shares of the company’s stock were exchanged, compared to its average volume of 15,427,881. QXO has a 1-year low of $13.15 and a 1-year high of $27.61. The company has a current ratio of 4.11, a quick ratio of 2.47 and a debt-to-equity ratio of 0.66. The firm has a market cap of $13.83 billion, a P/E ratio of -14.81, a PEG ratio of 2.33 and a beta of 2.28. The firm has a 50-day moving average price of $15.37 and a two-hundred day moving average price of $18.78.

QXO (NYSE:QXO) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Equities analysts predict that QXO will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on QXO shares. KeyCorp lowered their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Robert W. Baird dropped their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Oppenheimer raised their price target on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of QXO in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, QXO has a consensus rating of “Moderate Buy” and a consensus target price of $29.71.

Hedge Funds Weigh In On QXO

Several hedge funds have recently bought and sold shares of QXO. Fred Alger Management LLC boosted 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 valued at $307,173,000 after buying an additional 6,844,574 shares in the last quarter. Schf GPE LLC boosted its position in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Cercano Management LLC increased its holdings in shares of QXO by 2.4% during the fourth quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock worth $208,637,000 after buying an additional 255,366 shares in the last quarter. Consulta Ltd grew its position in 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 acquiring an additional 2,500,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of QXO by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 8,777,960 shares of the company’s stock valued at $169,359,000 after buying an additional 61,120 shares during the period. 58.68% of the stock is owned by 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.