QXO (NYSE:QXO) Stock Price Down 4.7% – Here’s Why

QXO, Inc. (NYSE:QXO) fell 4.7% during trading on Monday. The company traded as low as $10.45 and last traded at $10.3550. 5,503,023 shares traded hands during trading, a decline of 66% from the average daily volume of 16,253,033 shares. The stock had previously closed at $10.86.

Analyst Ratings Changes

QXO has been the subject of several analyst reports. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. Melius Research started coverage on shares of QXO in a report on Tuesday, October 6th. They issued a “buy” rating and a $17.00 price objective on the stock. Citigroup cut their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Finally, Morgan Stanley initiated coverage on shares of QXO in a research report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.14.

QXO Stock Performance

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 company has a market capitalization of $10.64 billion, a PE ratio of -11.41, a PEG ratio of 2.21 and a beta of 2.30. The company has a 50 day moving average price of $12.68 and a 200 day moving average price of $15.73.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Equities analysts forecast that QXO, Inc. will post 0.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Finepoint Capital LP raised its stake in shares of QXO by 30.7% in the 2nd 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 in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its position in shares of QXO by 25.9% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock worth $66,679,000 after purchasing an additional 1,173,274 shares during the last quarter. Spyglass Capital Management LLC bought a new position in shares of QXO during the second quarter worth about $62,961,000. CI Investments Inc. lifted its position in shares of QXO by 4.1% during the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock worth $50,469,000 after purchasing an additional 102,838 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in QXO in the second quarter worth about $44,919,000. 58.68% of the stock is owned by institutional investors and hedge funds.

About QXO

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.