QXO (NYSE:QXO) Hits New 1-Year High – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Citigroup decreased their target price on shares of QXO from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday. Loop Capital started coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 price objective on the stock. Zacks Research cut QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. KeyCorp set a $28.00 target price on QXO in a research note on Wednesday, October 1st. Finally, William Blair reissued an “outperform” rating on shares of QXO in a research report on Wednesday, December 31st. 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.21.

QXO Price Performance

The company has a market cap of $16.86 billion, a price-to-earnings ratio of -56.81, a PEG ratio of 2.74 and a beta of 2.44. The stock’s 50-day simple moving average is $19.82 and its 200 day simple moving average is $20.16. 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. QXO’s revenue for the quarter was up 20726.7% compared to the same quarter last year. On average, equities research analysts anticipate that QXO, Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On QXO

Several institutional investors and hedge funds have recently modified their holdings of QXO. Alpha Wave Global LP purchased a new stake in QXO during the second quarter worth about $525,366,000. Vanguard Group Inc. grew its holdings in shares of QXO by 91.0% in the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock valued at $1,016,525,000 after purchasing an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP increased its stake in QXO by 99.1% during the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after buying an additional 16,260,163 shares during the period. MTCO Ltd. purchased a new stake in QXO during the 3rd quarter worth approximately $208,534,000. Finally, Fred Alger Management LLC acquired a new stake in QXO during the 3rd quarter worth approximately $173,053,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Company Profile

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.