QXO (NYSE:QXO) Shares Break Above 50 Day Moving Average - Should You Sell?

Key Points

• QXO shares climbed above their 50-day moving average of $11.84, reaching $12.84 and last trading at $12.696; the stock was reported up 8.4%.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $24.77, though several firms recently lowered their targets.
• In its latest reported quarter, QXO met earnings estimates at $0.08 per share and reported revenue of $3.25 billion, above analysts’ $3.18 billion forecast.

QXO, Inc. (NYSE:QXO - Get Free Report) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $11.84 and traded as high as $12.84. QXO shares last traded at $12.6960, with a volume of 23,424,596 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. DA Davidson set a $20.00 price target on QXO in a research report on Friday, October 9th. Wells Fargo & Company decreased their price objective on QXO from $16.00 to $15.00 and set an "overweight" rating for the company in a report on Friday, October 16th. Morgan Stanley initiated coverage on QXO in a research report on Tuesday, August 4th. They set an "overweight" rating and a $35.00 price objective for the company. Royal Bank Of Canada decreased their price target on shares of QXO from $27.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, October 7th. Finally, Truist Financial lowered their price target on shares of QXO from $26.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $24.77.

QXO Trading Up 8.4%

The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The company has a market cap of $13.17 billion, a P/E ratio of -14.11, a price-to-earnings-growth ratio of 2.61 and a beta of 2.42. The stock has a 50-day moving average of $11.84 and a two-hundred day moving average of $17.15.

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 analysts' consensus estimates 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. On average, equities research analysts predict that QXO, Inc. will post 0.22 earnings per share for the current year.

Institutional Trading of QXO

Several institutional investors have recently bought and sold shares of QXO. Welch & Forbes LLC bought a new position in QXO during the third quarter valued at approximately $320,000. AlphaCore Capital LLC grew its position in QXO by 56.5% in the 3rd quarter. AlphaCore Capital LLC now owns 27,302 shares of the company's stock worth $319,000 after purchasing an additional 9,861 shares during the period. Fulcrum Asset Management LLP bought a new stake in QXO in the 3rd quarter worth approximately $990,000. Hohimer Wealth Management LLC grew its position in QXO by 206.1% in the 3rd quarter. Hohimer Wealth Management LLC now owns 359,607 shares of the company's stock worth $4,204,000 after purchasing an additional 242,127 shares during the period. Finally, Carret Asset Management LLC raised its stake in QXO by 4.9% during the 3rd quarter. Carret Asset Management LLC now owns 92,145 shares of the company's stock valued at $1,077,000 after buying an additional 4,325 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 serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO's strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.

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