QXO (NYSE:QXO) Sets New 52-Week Low – What’s Next?

QXO, Inc. (NYSE:QXO)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $12.73 and last traded at $12.7410, with a volume of 3407542 shares trading hands. The stock had previously closed at $13.25.

Analysts Set New Price Targets

QXO has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. DA Davidson initiated coverage on shares of QXO in a research note on Monday, August 24th. They set a “buy” rating and a $26.00 target price for the company. Robert W. Baird dropped their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, QXO has an average rating of “Moderate Buy” and a consensus price target of $28.00.

QXO Stock Performance

The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average price of $14.36 and a 200 day moving average price of $17.71. The firm has a market capitalization of $13.28 billion, a PE ratio of -14.21, a price-to-earnings-growth ratio of 2.30 and a beta of 2.32.

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

Institutional Trading of QXO

Institutional investors and hedge funds have recently bought and sold shares of the business. Finepoint Capital LP boosted its stake in shares of QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after purchasing an additional 4,255,435 shares during the period. Fred Alger Management LLC increased its stake in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after buying an additional 6,844,574 shares during the period. Schf GPE LLC lifted its holdings in 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 buying an additional 8,943,089 shares in the last quarter. California State Teachers Retirement System lifted its holdings in 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 buying an additional 12,291,119 shares in the last quarter. Finally, Cercano Management LLC boosted its position in QXO by 2.4% in the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock valued at $208,637,000 after buying an additional 255,366 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.