QXO, Inc. (NYSE:QXO) Short Interest Update

Key Points

• QXO’s short interest fell 35.6% to 105.7 million shares as of July 15, though 24.7% of shares remain sold short, equivalent to 3.1 days of average trading volume.
• Institutional investors own 58.68% of QXO, with several major firms—including Royal Bank of Canada, Millennium Management and UBS Asset Management—recently increasing their positions.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $29.71, despite recent target reductions. The stock traded at $13.34, near its 12-month low, after QXO reported a quarterly EPS loss of $0.12 that missed estimates.

QXO, Inc. (NYSE:QXO - Get Free Report) saw a significant drop in short interest in July. As of July 15th, there was short interest totaling 105,728,316 shares, a drop of 35.6% from the June 30th total of 164,138,596 shares. Based on an average daily volume of 33,813,115 shares, the short-interest ratio is currently 3.1 days. Currently, 24.7% of the company's stock are sold short.

Institutional Trading of QXO

Large investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of QXO by 67.5% in 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 last quarter. AQR Capital Management LLC bought a new stake in QXO during the first quarter valued at approximately $615,000. Millennium Management LLC grew its stake in QXO by 6.6% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in QXO by 13.3% in 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 worth $9,449,000 after buying an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in shares of QXO in the 2nd quarter worth $837,000. Institutional investors own 58.68% of the company's stock.

Wall Street Analysts Forecast Growth

QXO has been the topic of several research analyst reports. Citigroup cut their price objective on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, July 13th. KeyCorp decreased their target price on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 25th. Robert W. Baird lowered their target price on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of QXO in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.71.

QXO Price Performance

Shares of QXO stock traded down $0.12 during trading on Friday, hitting $13.34. The stock had a trading volume of 9,212,147 shares, compared to its average volume of 15,121,272. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of -14.75, a P/E/G ratio of 2.39 and a beta of 2.23. QXO has a 12 month low of $13.18 and a 12 month high of $27.61. The business's 50-day moving average is $15.86 and its 200 day moving average is $19.70. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO's revenue for the quarter was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that QXO will post 0.28 earnings per share for the current year.

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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