QXO (NYSE:QXO) Sets New 1-Year Low - What's Next?

Key Points

• QXO shares fell to a new 52-week low of $11.97, closing around $12.09 and trading below both their 50-day ($14.05) and 200-day ($17.34) moving averages.
• Despite the sell-off, analysts remain broadly optimistic: QXO has a “Moderate Buy” consensus rating and an average price target of $28, though Citigroup recently lowered its target to $25.
• QXO met earnings expectations with quarterly EPS of $0.08 and revenue of $3.25 billion, exceeding forecasts, while institutional investors own 58.68% of the company’s shares.

QXO, Inc. (NYSE:QXO - Get Free Report) shares reached a new 52-week low during trading on Tuesday . The company traded as low as $11.97 and last traded at $12.0880, with a volume of 11965631 shares trading hands. The stock had previously closed at $12.31.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Citigroup cut their target price on QXO from $28.00 to $25.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Wall Street Zen raised QXO from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 25th. Finally, Morgan Stanley started coverage on shares of QXO in a research note on Tuesday, August 4th. They set an "overweight" rating and a $35.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, QXO currently has an average rating of "Moderate Buy" and an average price target of $28.00.

QXO Trading Down 1.8%

The stock has a market cap of $12.54 billion, a PE ratio of -13.43, a PEG ratio of 2.24 and a beta of 2.32. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The stock's fifty day moving average price is $14.05 and its 200 day moving average price is $17.34.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting analysts' consensus estimates of $0.08. The company had revenue of $3.25 billion during 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%. On average, sell-side analysts forecast that QXO, Inc. will post 0.28 EPS for the current year.

Institutional Investors Weigh In On QXO

Several institutional investors have recently modified their holdings of QXO. Finepoint Capital LP increased its holdings in QXO by 30.7% in 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. Fred Alger Management LLC lifted its stake in QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock worth $307,173,000 after purchasing an additional 6,844,574 shares in the last quarter. California State Teachers Retirement System lifted its stake in QXO by 1,744.6% in the 2nd quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company's stock worth $224,565,000 after purchasing an additional 12,291,119 shares in the last quarter. Cercano Management LLC boosted its holdings in shares of QXO by 2.4% during the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company's stock valued at $208,637,000 after purchasing an additional 255,366 shares during the last quarter. Finally, Consulta Ltd boosted its holdings in shares of QXO by 33.3% during the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company's stock valued at $192,900,000 after purchasing an additional 2,500,000 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Company Profile

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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