QXO (NYSE:QXO) Rating Increased to Strong-Buy at DA Davidson

DA Davidson upgraded shares of QXO (NYSE:QXO) to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other research firms also recently weighed in on QXO. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Oppenheimer upped their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Citigroup cut their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a report on Monday, July 13th. Benchmark reissued a “buy” rating on shares of QXO in a research note on Friday, August 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $27.00 target price on shares of QXO in a report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

QXO Stock Up 3.5%

Shares of QXO opened at $13.88 on Monday. The stock has a 50 day moving average price of $15.12 and a 200 day moving average price of $18.53. QXO has a one year low of $13.15 and a one year high of $27.61. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of -15.43, a PEG ratio of 2.31 and a beta of 2.28.

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

Institutional Investors Weigh In On QXO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in shares of QXO by 1,744.6% during the 2nd quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company’s stock worth $224,565,000 after purchasing an additional 12,291,119 shares during the period. Schf GPE LLC increased its position in shares of QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. Norges Bank purchased a new stake in QXO in the 4th quarter valued at about $140,421,000. Fred Alger Management LLC raised its holdings in QXO by 75.4% in the 4th 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 during the period. Finally, Sound Shore Management Inc. CT acquired a new position in QXO in the fourth quarter valued at about $77,199,000. 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.