QXO (NYSE:QXO) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded QXO from “sell” to “strong sell”, adding to a mixed analyst picture on the stock.
• Despite that downgrade, the broader analyst consensus remains Moderate Buy, with 15 Buy ratings, one Strong Buy, one Hold, and one Sell; the average price target is $32.47.
• QXO closed at $18.66, well below its recent price targets, and its latest earnings missed estimates with $0.02 EPS vs. $0.03 expected.

QXO (NYSE:QXO - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Saturday.

Several other equities research analysts have also issued reports on the stock. BNP Paribas Exane began coverage on shares of QXO in a research note on Monday, March 16th. They set an "outperform" rating and a $30.00 price target for the company. Oppenheimer raised their price target on shares of QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Citigroup decreased their price target on shares of QXO from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday. Benchmark restated a "buy" rating on shares of QXO in a research note on Friday, February 20th. Finally, Royal Bank Of Canada decreased their price target on shares of QXO from $30.00 to $28.00 and set an "outperform" rating for the company in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have given 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.com, QXO has a consensus rating of "Moderate Buy" and an average target price of $32.47.

QXO Price Performance

QXO stock opened at $18.66 on Friday. QXO has a 52 week low of $13.72 and a 52 week high of $27.61. The company's 50 day moving average price is $21.03 and its two-hundred day moving average price is $21.17. The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. The stock has a market cap of $13.53 billion, a P/E ratio of -31.62, a P/E/G ratio of 2.64 and a beta of 2.40.

QXO (NYSE:QXO - Get Free Report) last posted its earnings results on Friday, February 27th. The company reported $0.02 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 company's revenue was up 14725.0% on a year-over-year basis. On average, equities analysts predict that QXO will post 0.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of QXO. Intact Investment Management Inc. bought a new position in shares of QXO in the third quarter worth $982,000. Campbell & CO Investment Adviser LLC bought a new position in shares of QXO in the third quarter worth $1,006,000. Fishman Jay A Ltd. MI bought a new position in shares of QXO in the third quarter worth $10,444,000. Fred Alger Management LLC bought a new position in shares of QXO in the third quarter worth $173,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company's stock worth $16,928,000 after purchasing an additional 774,138 shares during the period. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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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