QXO (NYSE:QXO) Stock Price Down 4.9% – What’s Next?

QXO, Inc. (NYSE:QXO)’s stock price dropped 4.9% during trading on Wednesday . The stock traded as low as $15.00 and last traded at $14.7840. Approximately 1,615,846 shares were traded during trading, a decline of 89% from the average daily volume of 15,211,265 shares. The stock had previously closed at $15.55.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Stephens cut their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Oppenheimer upped their price target on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Wells Fargo & Company set a $18.00 price objective on QXO in a research report on Tuesday, July 28th. Finally, KeyCorp reduced their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $29.71.

QXO Price Performance

The business’s 50 day moving average price is $15.56 and its two-hundred day moving average price is $19.17. The stock has a market cap of $15.53 billion, a P/E ratio of -16.45, a price-to-earnings-growth ratio of 2.59 and a beta of 2.28. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO’s quarterly revenue was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts expect that QXO, Inc. will post 0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in QXO in the second quarter worth $44,919,000. Hudson Value Partners LLC lifted its position in QXO by 87.6% during the second quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock valued at $3,732,000 after buying an additional 100,856 shares during the period. Doliver Advisors LP purchased a new position in QXO during the second quarter valued at $871,000. Ausbil Investment Management Ltd bought a new stake in shares of QXO during the 2nd quarter valued at $915,000. Finally, Handelsbanken Fonder AB grew its position in shares of QXO by 10.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 210,900 shares of the company’s stock worth $3,644,000 after buying an additional 19,400 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Company Profile

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.