QXO Sees Unusually Large Options Volume (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 48,052 call options on the stock. This is an increase of approximately 82% compared to the typical daily volume of 26,427 call options.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently added to or reduced their stakes in the stock. Hohimer Wealth Management LLC increased its position in shares of QXO by 206.1% in the third quarter. Hohimer Wealth Management LLC now owns 359,607 shares of the company’s stock worth $4,204,000 after purchasing an additional 242,127 shares during the period. Carret Asset Management LLC grew its position in QXO by 4.9% in the third quarter. Carret Asset Management LLC now owns 92,145 shares of the company’s stock valued at $1,077,000 after acquiring an additional 4,325 shares during the last quarter. Ethic Inc. increased its position in QXO by 20.0% during the 3rd quarter. Ethic Inc. now owns 36,037 shares of the company’s stock worth $421,000 after purchasing an additional 6,005 shares in the last quarter. StoneX Group Inc. increased its holdings in shares of QXO by 25.7% during the third quarter. StoneX Group Inc. now owns 13,468 shares of the company’s stock worth $158,000 after buying an additional 2,751 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its position in QXO by 12.2% in the third quarter. Pictet Asset Management Holding SA now owns 1,140,747 shares of the company’s stock valued at $13,335,000 after purchasing an additional 123,998 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on QXO. Royal Bank Of Canada decreased their price objective on QXO from $27.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Morgan Stanley started coverage on shares of QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Finally, Wells Fargo & Company lowered their price target on QXO from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, QXO currently has an average rating of “Moderate Buy” and an average target price of $24.77.

QXO Stock Performance

Shares of QXO traded up $0.69 during mid-day trading on Wednesday, reaching $12.40. The company’s stock had a trading volume of 8,725,114 shares, compared to its average volume of 16,363,923. The business has a 50-day simple moving average of $11.86 and a two-hundred day simple moving average of $17.21. QXO has a 1-year low of $10.03 and a 1-year high of $27.61. The stock has a market cap of $12.87 billion, a P/E ratio of -13.77, a PEG ratio of 2.61 and a beta of 2.42. The company has a current ratio of 4.11, a quick ratio of 3.29 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 earnings per share for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. As a group, equities research analysts anticipate that QXO will post 0.22 earnings per share for the current fiscal year.

QXO Company Profile

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.