QXO (NYSE:QXO) Stock Rating Upgraded by Zacks Research

QXO (NYSE:QXO) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. KeyCorp decreased their price target on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday. Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 price objective on shares of QXO in a report on Friday, July 10th. Finally, Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Fifteen equities research analysts have rated the stock with 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 an average rating of “Moderate Buy” and a consensus price target of $29.71.

QXO Stock Up 0.8%

NYSE:QXO opened at $14.24 on Monday. The stock has a 50-day simple moving average of $16.01 and a 200 day simple moving average of $19.86. QXO has a 52-week low of $13.32 and a 52-week high of $27.61. The company has a market cap of $10.33 billion, a PE ratio of -15.65, a PEG ratio of 2.62 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33.

QXO (NYSE:QXO) last released its quarterly earnings results 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The firm’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts expect that QXO will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Large investors have recently modified their holdings of the stock. Arax Advisory Partners acquired a new stake in shares of QXO during the 4th quarter worth about $25,000. LRI Investments LLC lifted its position in QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after acquiring an additional 835 shares during the last quarter. Root Financial Partners LLC boosted its holdings in shares of QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares during the period. Newbridge Financial Services Group Inc. grew its position in shares of QXO by 57.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in QXO during the 2nd quarter worth approximately $30,000. 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.