QXO (NYSE:QXO) Given "Outperform" Rating at Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated an “outperform” rating on QXO and maintained a $27 price target, implying about 85% upside from the current share price.
• Other analysts remain generally constructive on the stock, with QXO carrying a Moderate Buy consensus and an average target price of $30.79, though several firms recently trimmed their targets.
• QXO recently reported mixed quarterly results, missing earnings expectations but matching revenue estimates, while the stock was trading near $14.57 and remains below its 52-week high.

QXO (NYSE:QXO - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Royal Bank Of Canada in a report issued on Friday,Benzinga reports. They currently have a $27.00 price objective on the stock. Royal Bank Of Canada's price objective points to a potential upside of 85.36% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. Citigroup decreased their target price on shares of QXO from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Friday, May 15th. Robert W. Baird lowered their target price on QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. BNP Paribas Exane assumed coverage on QXO in a research report on Monday, March 16th. They issued an "outperform" rating and a $30.00 target price on the stock. KeyCorp dropped their price target on QXO from $32.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 1st. Finally, Stephens dropped their price target on QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.79.

QXO Trading Down 0.1%

NYSE:QXO opened at $14.57 on Friday. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $17.00 and a 200-day simple moving average of $20.51. QXO has a 52-week low of $13.82 and a 52-week high of $27.61. The company has a market capitalization of $10.56 billion, a PE ratio of -16.02, a price-to-earnings-growth ratio of 3.76 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.QXO's revenue for the quarter was up 12716.3% compared to the same quarter last year. On average, equities research analysts expect that QXO will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Fred Alger Management LLC raised its holdings in shares of QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock worth $307,173,000 after purchasing an additional 6,844,574 shares in the last quarter. Baillie Gifford & Co. grew its position in QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock valued at $284,241,000 after purchasing an additional 14,644,305 shares in the last quarter. Schf GPE LLC increased its stake in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. MTCO Ltd. acquired a new position in QXO in the 3rd quarter worth about $208,534,000. Finally, Cercano Management LLC raised its position in QXO by 2.4% during the fourth quarter. Cercano Management LLC now owns 10,815,832 shares of the company's stock valued at $208,637,000 after acquiring an additional 255,366 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors.

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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