QXO (NYSE:QXO) Stock Rating Upgraded by Zacks Research

QXO (NYSE:QXO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

QXO has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Royal Bank Of Canada lowered their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, April 6th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Stephens lowered their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Finally, Citigroup lowered their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.14.

QXO Stock Up 9.6%

NYSE:QXO opened at $16.50 on Wednesday. QXO has a 1-year low of $14.75 and a 1-year high of $27.61. The company has a 50-day moving average of $18.90 and a 200 day moving average of $21.02. The firm has a market cap of $11.97 billion, a PE ratio of -18.13, a price-to-earnings-growth ratio of 3.86 and a beta of 2.30. 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 released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The firm’s revenue was up 12716.3% compared to the same quarter last year. As a group, research analysts anticipate that QXO will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

A number of large investors have recently added to or reduced their stakes in QXO. Baillie Gifford & Co. raised its holdings in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares in the last quarter. MTCO Ltd. bought a new position in QXO in the third quarter worth about $208,534,000. Fred Alger Management LLC bought a new position in QXO in the third quarter worth about $173,053,000. Schf GPE LLC raised its holdings in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in QXO by 17.2% in the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after purchasing an additional 8,131,331 shares in the last quarter. 58.68% of the stock is currently owned by 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.