QXO (NYSE:QXO) Earns Overweight Rating from Analysts at Morgan Stanley

Key Points

• Morgan Stanley initiated coverage of QXO with an Overweight rating and a $35 price target, implying approximately 149% upside from the prior close.
• Analyst sentiment is broadly positive: QXO has a consensus “Moderate Buy” rating and an average price target of $29.71, although ratings range from Strong Buy to Sell.
• QXO shares opened at $14.08, near their one-year low of $13.18, after the company reported a quarterly loss of $0.12 per share that missed estimates by $0.03; revenue was $1.73 billion.

Equities research analysts at Morgan Stanley began coverage on shares of QXO (NYSE:QXO - Get Free Report) in a report issued on Tuesday. The brokerage set an "overweight" rating and a $35.00 price target on the stock. Morgan Stanley's price objective would suggest a potential upside of 148.65% from the company's previous close.

A number of other equities research analysts have also commented on QXO. Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Royal Bank Of Canada restated an "outperform" rating and set a $27.00 price objective on shares of QXO in a report on Friday, July 10th. Weiss Ratings restated a "sell (d)" rating on shares of QXO in a report on Friday, May 29th. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 25th. Finally, Stephens cut their target price on QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, QXO presently has a consensus rating of "Moderate Buy" and an average price target of $29.71.

QXO Price Performance

Shares of NYSE:QXO opened at $14.08 on Tuesday. The firm has a 50 day simple moving average of $15.74 and a 200 day simple moving average of $19.54. QXO has a one year low of $13.18 and a one year high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The company has a market cap of $14.60 billion, a price-to-earnings ratio of -15.47, a PEG ratio of 2.38 and a beta of 2.28.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings results 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). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business's quarterly revenue was up 12716.3% on a year-over-year basis. Research analysts predict that QXO will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sunbelt Securities Inc. increased its holdings in shares of QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company's stock valued at $122,000 after acquiring an additional 400 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of QXO by 42.4% during the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company's stock valued at $32,000 after acquiring an additional 500 shares during the period. Maple Capital Management Inc. increased its position in QXO by 4.7% in the fourth quarter. Maple Capital Management Inc. now owns 11,988 shares of the company's stock worth $231,000 after buying an additional 543 shares in the last quarter. Allworth Financial LP increased its holdings in QXO by 27.2% in the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company's stock worth $50,000 after acquiring an additional 552 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its position in shares of QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company's stock valued at $30,000 after purchasing an additional 575 shares during the period. 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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