QXO, Inc. (NYSE:QXO) Sees Large Growth in Short Interest

Key Points

• Short interest rose 19.5% in April to 74,882,118 shares, equal to about 17.9% of shares short and a days-to-cover of 8.5 based on average daily volume, signaling elevated short positioning and potential squeeze risk.
• Analysts have a "Moderate Buy" consensus with a $32.53 target; QXO has a $13.92B market cap, a negative P/E of -33.24, recently missed quarterly EPS by $0.01 despite massive year-over-year revenue growth, and roughly 58.7% institutional ownership.

QXO, Inc. (NYSE:QXO - Get Free Report) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 74,882,118 shares, a growth of 19.5% from the March 31st total of 62,661,545 shares. Approximately 17.9% of the shares of the company are short sold. Based on an average daily volume of 8,843,848 shares, the days-to-cover ratio is presently 8.5 days.

Institutional Investors Weigh In On QXO

A number of institutional investors have recently added to or reduced their stakes in QXO. Bogart Wealth LLC acquired a new stake in QXO in the third quarter worth approximately $25,000. Arax Advisory Partners acquired a new stake in QXO in the fourth quarter worth approximately $25,000. LRI Investments LLC lifted its position in QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company's stock worth $29,000 after purchasing an additional 835 shares during the period. Root Financial Partners LLC lifted its position in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock worth $29,000 after purchasing an additional 1,467 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its position in QXO by 57.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company's stock worth $30,000 after purchasing an additional 575 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of NYSE QXO opened at $19.61 on Thursday. The company has a current ratio of 3.58, a quick ratio of 2.61 and a debt-to-equity ratio of 0.37. The stock has a 50 day simple moving average of $21.51 and a 200-day simple moving average of $21.14. The company has a market cap of $13.92 billion, a PE ratio of -33.24, a P/E/G ratio of 3.19 and a beta of 2.50. QXO has a 12-month low of $12.76 and a 12-month high of $27.61.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings data on Friday, February 27th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.The firm's revenue for the quarter was up 14725.0% compared to the same quarter last year. On average, equities research analysts forecast that QXO will post 0.32 EPS for the current year.

Analyst Ratings Changes

QXO has been the subject of several recent research reports. Oppenheimer upped their target price on QXO from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Monday. Citigroup reduced their price objective on QXO from $33.00 to $31.00 and set a "buy" rating for the company in a research report on Thursday, January 8th. BNP Paribas Exane initiated coverage on QXO in a research report on Monday, March 16th. They set an "outperform" rating and a $30.00 price objective for the company. William Blair reiterated an "outperform" rating on shares of QXO in a research report on Wednesday, December 31st. Finally, KeyCorp boosted their price objective on QXO from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.53.

QXO Company Profile

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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