QXO (NYSE:QXO) Stock Price Down 7.8% – What’s Next?

QXO, Inc. (NYSE:QXO)’s stock price fell 7.8% during trading on Wednesday . The company traded as low as $15.15 and last traded at $15.1250. 9,701,991 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 11,529,263 shares. The stock had previously closed at $16.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on QXO shares. KeyCorp boosted their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Benchmark restated a “buy” rating on shares of QXO in a research report on Friday, February 20th. Stephens reduced their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Zacks Research lowered shares of QXO from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada reduced their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Fifteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Trading Down 9.6%

The firm has a market capitalization of $10.75 billion, a PE ratio of -16.29, a price-to-earnings-growth ratio of 3.98 and a beta of 2.30. The stock’s 50-day moving average price is $19.03 and its 200 day moving average price is $21.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s revenue was up 12716.3% compared to the same quarter last year. On average, sell-side analysts expect that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in QXO by 17.2% during the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after buying an additional 8,131,331 shares during the period. Finepoint Capital LP increased its holdings in QXO by 5.4% during the third quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock valued at $424,954,000 after buying an additional 1,142,747 shares during the period. Fred Alger Management LLC increased its holdings in QXO by 75.4% during the fourth 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. Baillie Gifford & Co. increased its holdings in QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares during the period. Finally, Schf GPE LLC increased its holdings in QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares during the period. 58.68% of the stock is 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.