QXO (NYSE:QXO) Shares Down 5.6% – Should You Sell?

Shares of QXO, Inc. (NYSE:QXO) fell 5.6% during trading on Wednesday . The stock traded as low as $20.37 and last traded at $19.87. 5,170,991 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 6,460,473 shares. The stock had previously closed at $21.04.

Analysts Set New Price Targets

Several research analysts have commented on the stock. KeyCorp set a $28.00 price objective on shares of QXO in a report on Wednesday, October 1st. Zacks Research lowered QXO from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. Raymond James Financial started coverage on QXO in a report on Friday, September 5th. They set an “outperform” rating and a $28.00 price target for the company. Morgan Stanley started coverage on QXO in a report on Tuesday, September 2nd. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, Truist Financial lowered their target price on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, December 19th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.57.

QXO Stock Down 4.0%

The firm has a market cap of $13.62 billion, a PE ratio of -45.90, a price-to-earnings-growth ratio of 3.22 and a beta of 2.42. The company has a 50-day simple moving average of $19.15 and a 200-day simple moving average of $20.12. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24.

QXO (NYSE:QXO) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.78 billion. The business’s revenue was up 20726.7% compared to the same quarter last year. Analysts expect that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC raised its position in shares of QXO by 99.7% in the 3rd quarter. FNY Investment Advisers LLC now owns 15,990 shares of the company’s stock worth $304,000 after acquiring an additional 7,981 shares in the last quarter. Allworth Financial LP raised its holdings in QXO by 66.9% in the third quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock worth $39,000 after purchasing an additional 813 shares in the last quarter. Swiss Life Asset Management Ltd lifted its position in shares of QXO by 74.8% during the third quarter. Swiss Life Asset Management Ltd now owns 24,314 shares of the company’s stock valued at $463,000 after buying an additional 10,406 shares during the last quarter. Penn Capital Management Company LLC purchased a new stake in shares of QXO during the third quarter valued at about $620,000. Finally, Graybill Wealth Management LTD. bought a new stake in shares of QXO in the 3rd quarter valued at about $3,739,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.