QXO (NYSE:QXO) Sets New 1-Year Low - Here's What Happened

Key Points

• QXO shares hit a new 52-week low of $12.73, falling from the prior close of $13.25 and trading below both their 50-day and 200-day moving averages.
• Despite recent target-price cuts from several firms, analysts maintain a consensus “Moderate Buy” rating with an average price target of $28, well above the current share price.
• QXO met quarterly EPS expectations at $0.08 and exceeded revenue forecasts with $3.25 billion in sales; institutional investors own 58.68% of the company’s stock.

QXO, Inc. (NYSE:QXO - Get Free Report)'s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $12.73 and last traded at $12.7410, with a volume of 3407542 shares. The stock had previously closed at $13.25.

Analyst Upgrades and Downgrades

QXO has been the topic of several research reports. Stephens decreased their target price on QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. KeyCorp dropped their price target on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Morgan Stanley began coverage on QXO in a research note on Tuesday, August 4th. They issued an "overweight" rating and a $35.00 price objective for the company. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Finally, Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $28.00.

QXO Price Performance

The firm has a market capitalization of $13.28 billion, a PE ratio of -14.21, a price-to-earnings-growth ratio of 2.30 and a beta of 2.32. The stock's 50 day simple moving average is $14.36 and its two-hundred day simple moving average is $17.71. 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 (NYSE:QXO - Get Free Report) last posted 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 firm 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%. On average, sell-side analysts forecast that QXO, Inc. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its stake in QXO by 67.5% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock worth $1,620,000 after purchasing an additional 48,248 shares during the period. AQR Capital Management LLC acquired a new stake in shares of QXO during the 1st quarter worth approximately $615,000. Millennium Management LLC increased its holdings in shares of QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company's stock worth $4,361,000 after buying an additional 20,067 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of QXO by 13.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock valued at $9,449,000 after buying an additional 81,758 shares during the period. Finally, American Century Companies Inc. purchased a new stake in shares of QXO during the 2nd quarter valued at approximately $837,000. Institutional investors and hedge funds 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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