QXO (NYSE:QXO) Stock Price Down 6% – Here’s Why

QXO, Inc. (NYSE:QXO)’s stock price was down 6% during mid-day trading on Thursday . The stock traded as low as $13.45 and last traded at $13.2650. Approximately 1,876,981 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 15,365,610 shares. The stock had previously closed at $14.11.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Stephens decreased their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Morgan Stanley began coverage on shares of QXO in a research report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective for the company. Finally, Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.71.

QXO Stock Down 6.8%

The stock has a fifty day moving average price of $15.37 and a two-hundred day moving average price of $18.78. The company has a market cap of $13.65 billion, a price-to-earnings ratio of -14.62, a P/E/G ratio of 2.33 and a beta of 2.28. The company has a quick ratio of 2.47, a current ratio of 4.11 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. As a group, sell-side analysts expect that QXO, Inc. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arax Advisory Partners acquired a new stake in shares of QXO in the fourth quarter valued at approximately $25,000. LRI Investments LLC increased its stake in QXO by 129.1% during the 4th 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 period. Root Financial Partners LLC increased its stake in QXO by 73,350.0% during the 1st 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. Russell Investments Group Ltd. acquired a new position in QXO in the 2nd quarter valued at $30,000. Finally, NewEdge Advisors LLC raised its holdings in QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. 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.