QXO (NYSE:QXO) Sets New 52-Week Low - Here's What Happened

Key Points

• QXO shares hit a new 52-week low, falling to $13.00 and trading about 1.8% lower, well below the 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $28.00, though several firms recently lowered their targets.
• QXO’s latest quarterly results met expectations at $0.08 EPS and exceeded revenue estimates with $3.25 billion in sales; institutional investors own 58.68% of the company.

QXO, Inc. (NYSE:QXO - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $13.00 and last traded at $13.1060, with a volume of 1066681 shares traded. The stock had previously closed at $13.28.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on QXO. DA Davidson assumed coverage on QXO in a research report on Monday, August 24th. They set a "buy" rating and a $26.00 target price for the company. Stephens dropped their price objective on QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $27.00 price target on shares of QXO in a report on Friday, July 10th. KeyCorp lowered their target price on shares of QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research note on Wednesday, July 1st. Finally, Robert W. Baird dropped their price target on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $28.00.

QXO Trading Down 1.8%

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 firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of -14.48, a PEG ratio of 2.33 and a beta of 2.28. The business's 50-day simple moving average is $14.84 and its two-hundred day simple moving average is $18.28.

QXO (NYSE:QXO - Get Free Report) last announced 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. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The business had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. Equities analysts forecast that QXO, Inc. will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Several institutional investors have recently modified their holdings of QXO. Arax Advisory Partners acquired a new position in QXO during the fourth quarter worth $25,000. LRI Investments LLC increased its position in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company's stock valued at $29,000 after buying an additional 835 shares in the last quarter. Root Financial Partners LLC increased its position in shares of QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock valued at $29,000 after buying an additional 1,467 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of QXO during the 2nd quarter worth $30,000. Finally, NewEdge Advisors LLC boosted its position in shares of QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company's stock worth $32,000 after buying an additional 500 shares in the last quarter. Hedge funds and other 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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