QXO, Inc. (NYSE:QXO) Stock Has Average Target Price of $28.00

Key Points

• Analyst sentiment is moderately bullish: Seventeen firms rate QXO a consensus “Moderate Buy,” with 13 buys and two strong buys. The average 12-month price target is $28.00, well above the stock’s reported $12.24 opening price.
• QXO reported quarterly EPS of $0.08, in line with estimates, while revenue of $3.25 billion exceeded expectations of $3.18 billion. However, the company posted a negative net margin of 5.17%.
• Institutional investors own 58.68% of QXO, with several funds increasing their positions or establishing new stakes during the first and second quarters.

QXO, Inc. (NYSE:QXO - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the seventeen research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, thirteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $28.00.

Several equities research analysts have commented on QXO shares. Morgan Stanley initiated coverage on QXO in a research report on Tuesday, August 4th. They issued an "overweight" rating and a $35.00 price objective on the stock. Citigroup decreased their target price on shares of QXO from $28.00 to $25.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Wall Street Zen raised shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Zacks Research upgraded shares of QXO from a "strong sell" rating to a "hold" rating in a research report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a report on Wednesday, August 26th.

QXO Price Performance

Shares of QXO opened at $12.24 on Friday. The business's 50-day moving average is $13.58 and its two-hundred day moving average is $16.71. The company has a market capitalization of $12.69 billion, a P/E ratio of -13.60, a P/E/G ratio of 2.32 and a beta of 2.32. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO has a fifty-two week low of $11.14 and a fifty-two week high of $27.61.

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

Hedge Funds Weigh In On QXO

Institutional investors and hedge funds have recently modified their holdings of the business. Carnegie Investment Counsel raised its position in shares of QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock worth $6,013,000 after purchasing an additional 86,265 shares during the last quarter. CI Investments Inc. boosted its holdings in QXO by 4.1% in the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company's stock worth $50,469,000 after buying an additional 102,838 shares during the last quarter. Hudson Value Partners LLC increased its stake in QXO by 87.6% during the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company's stock worth $3,732,000 after buying an additional 100,856 shares in the last quarter. Griffin Asset Management Inc. purchased a new stake in QXO during the 1st quarter worth approximately $2,057,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of QXO during the first quarter valued at approximately $1,610,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

About QXO

QXO, Inc is a building products distribution company that supplies materials used in residential and commercial construction, repair and remodeling. Its product offerings include roofing materials, siding, waterproofing products and related building supplies, serving professional contractors and other customers through distribution facilities and sales channels.

The company was established as part of an initiative led by Brad Jacobs, who serves as QXO's executive chairman and chief executive officer.

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