Melius Research Begins Coverage on QXO (NYSE:QXO)

Key Points

• Melius Research initiated coverage of QXO with a “Buy” rating and a $17 price target, implying 43.16% upside from the prior close.
• Analyst sentiment is broadly positive: QXO has an average “Moderate Buy” rating and a consensus price target of $27.21, despite shares opening at $11.88 and trading near their 52-week low.
• QXO reported quarterly EPS of $0.08, matching estimates, while revenue of $3.25 billion exceeded expectations; institutional investors own 58.68% of the company.

Investment analysts at Melius Research started coverage on shares of QXO (NYSE:QXO - Get Free Report) in a research note issued to investors on Tuesday, Briefing.com reports. The firm set a "buy" rating and a $17.00 price target on the stock. Melius Research's price objective points to a potential upside of 43.16% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. DA Davidson began coverage on QXO in a report on Monday, August 24th. They issued a "buy" rating and a $26.00 price target for the company. Wall Street Zen raised shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Royal Bank Of Canada restated an "outperform" rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Morgan Stanley assumed coverage on QXO in a report on Tuesday, August 4th. They set an "overweight" rating and a $35.00 target price for the company. Finally, Benchmark restated a "buy" rating on shares of QXO in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, QXO presently has an average rating of "Moderate Buy" and an average target price of $27.21.

QXO Price Performance

NYSE:QXO opened at $11.88 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The company has a 50 day moving average price of $13.31 and a 200-day moving average price of $16.27. QXO has a 1-year low of $11.14 and a 1-year high of $27.61. The firm has a market cap of $12.32 billion, a price-to-earnings ratio of -13.19, a price-to-earnings-growth ratio of 2.19 and a beta of 2.30.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Equities research analysts forecast that QXO will post 0.28 EPS for the current year.

Hedge Funds Weigh In On QXO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Root Financial Partners LLC increased its stake in shares of QXO by 73,350.0% in the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock worth $29,000 after acquiring an additional 1,467 shares during the last quarter. NFSG Corp grew its holdings in shares of QXO by 39.6% in the first quarter. NFSG Corp now owns 2,198 shares of the company's stock valued at $43,000 after purchasing an additional 623 shares during the period. Whipplewood Advisors LLC increased its position in QXO by 12,604.8% during the first quarter. Whipplewood Advisors LLC now owns 2,668 shares of the company's stock worth $52,000 after purchasing an additional 2,647 shares during the last quarter. Capital Analysts LLC raised its stake in QXO by 116.2% during the second quarter. Capital Analysts LLC now owns 3,544 shares of the company's stock worth $61,000 after purchasing an additional 1,905 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in QXO by 718.7% in the 3rd quarter. Versant Capital Management Inc now owns 3,635 shares of the company's stock valued at $42,000 after purchasing an additional 3,191 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company's stock.

About QXO

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.

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