QXO (NYSE:QXO) Stock Price Target Lowered at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered QXO’s price target from $27 to $18 while maintaining an “outperform” rating; the new target implies roughly 63% upside from the stock’s $11.04 price.
• QXO shares fell 8.8% during Wednesday trading, reaching $11.04 near their 52-week low. Despite the decline, analysts maintain a consensus “Moderate Buy” rating with an average price target of $26.57.
• QXO’s latest quarterly results met earnings expectations at $0.08 per share and exceeded revenue estimates with $3.25 billion in sales. Institutional investors own approximately 58.68% of the company.

QXO (NYSE:QXO - Get Free Report) had its price target lowered by analysts at Royal Bank Of Canada from $27.00 to $18.00 in a report released on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price points to a potential upside of 63.06% from the company's current price.

Other research analysts have also recently issued reports about the stock. Benchmark reiterated a "buy" rating on shares of QXO in a report on Friday, August 14th. Weiss Ratings restated a "sell (d)" rating on shares of QXO in a report on Wednesday, August 26th. KeyCorp lowered their price target on shares of QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Wells Fargo & Company set a $18.00 price objective on shares of QXO in a research note on Tuesday, July 28th. Finally, Citigroup cut their price objective on shares of QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, QXO has a consensus rating of "Moderate Buy" and a consensus price target of $26.57.

QXO Trading Down 8.8%

NYSE:QXO traded down $1.07 during midday trading on Wednesday, hitting $11.04. The stock had a trading volume of 5,377,966 shares, compared to its average volume of 15,738,304. The stock has a 50-day moving average of $13.27 and a 200 day moving average of $16.22. The company has a market capitalization of $11.45 billion, a price-to-earnings ratio of -12.39, a PEG ratio of 2.16 and a beta of 2.30. QXO has a one year low of $11.12 and a one year high of $27.61. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66.

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

Hedge Funds Weigh In On QXO

A number of large investors have recently added to or reduced their stakes in the company. Fred Alger Management LLC lifted its position in shares of 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 last quarter. Finepoint Capital LP raised its stake in shares of QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company's stock worth $313,007,000 after acquiring an additional 4,255,435 shares in the last quarter. Spyglass Capital Management LLC bought a new position in shares of QXO during the 2nd quarter worth approximately $62,961,000. Bank of New York Mellon Corp purchased a new stake in QXO during the second quarter valued at approximately $44,919,000. Finally, Consulta Ltd lifted its position in QXO by 33.3% during the fourth quarter. Consulta Ltd now owns 10,000,000 shares of the company's stock valued at $192,900,000 after acquiring an additional 2,500,000 shares during the last quarter. 58.68% of the stock is currently owned by institutional investors.

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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