QXO, Inc. (NYSE:QXO) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eighteen brokerages give QXO an average “Moderate Buy” rating, with 14 buys and two strong buys. The average 12-month price target is $28, although recent targets range from $18 to $35.
• QXO shares opened at $13.58, near their 12-month low of $13.15, while the stock’s market capitalization stood at approximately $14.09 billion.
• In its latest quarter, QXO reported adjusted earnings of $0.08 per share, matching estimates, while revenue of $3.25 billion exceeded expectations of $3.18 billion. Institutional investors own 58.68% of the company, with several major funds recently increasing their positions.

Shares of QXO, Inc. (NYSE:QXO - Get Free Report) have been given an average rating of "Moderate Buy" by the eighteen brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, fourteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $28.00.

Several brokerages have recently commented on QXO. Stephens reduced their price objective on shares of QXO from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Thursday, May 14th. Wall Street Zen raised shares of QXO from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 25th. Morgan Stanley started coverage on shares of QXO in a report on Tuesday, August 4th. They issued an "overweight" rating and a $35.00 price target for the company. Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday, July 28th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of QXO in a research note on Wednesday.

QXO Stock Up 0.4%

Shares of QXO opened at $13.58 on Monday. The company has a market capitalization of $14.09 billion, a PE ratio of -15.09, a PEG ratio of 2.33 and a beta of 2.28. QXO has a 12 month low of $13.15 and a 12 month high of $27.61. The stock's 50-day moving average price is $14.91 and its two-hundred day moving average price is $18.35. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The company had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. On average, analysts anticipate that QXO will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its holdings in shares of QXO by 1,744.6% during the second quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company's stock valued at $224,565,000 after acquiring an additional 12,291,119 shares in the last quarter. Schf GPE LLC lifted its holdings in shares of QXO by 204.3% in the 2nd 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. Norges Bank bought a new position in shares of QXO in the 4th quarter worth $140,421,000. Fred Alger Management LLC grew its position in QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT acquired a new stake in QXO in the 4th quarter valued at $77,199,000. Institutional investors own 58.68% of the company's stock.

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.

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