QXO (NYSE:QXO) Sets New 12-Month Low - What's Next?

Key Points

• QXO shares hit a new 52-week low, falling to $13.22 from a previous close of $14.25 on heavy trading volume. The stock remains below its 50-day and 200-day moving averages.
• Analysts remain broadly optimistic despite recent target cuts: 15 rate QXO a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $29.71.
• QXO missed quarterly earnings expectations, reporting a loss of $0.12 per share versus the $0.09 expected, while revenue matched estimates at $1.73 billion. Institutional investors own 58.68% of the company.

Shares of QXO, Inc. (NYSE:QXO - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $13.22 and last traded at $13.3520, with a volume of 7679635 shares traded. The stock had previously closed at $14.25.

Wall Street Analysts Forecast Growth

QXO has been the topic of a number of recent research reports. Stephens reduced their price target on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a report on Monday. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a report on Saturday. Robert W. Baird cut their target price on shares of QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday. Fifteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, QXO currently has an average rating of "Moderate Buy" and an average target price of $29.71.

QXO Price Performance

The company has a market capitalization of $9.66 billion, a P/E ratio of -14.63, a PEG ratio of 2.62 and a beta of 2.23. 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 business has a 50 day simple moving average of $16.01 and a 200-day simple moving average of $19.86.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm's revenue was up 12716.3% on a year-over-year basis. Analysts predict that QXO, Inc. will post 0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. boosted its position in shares of QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company's stock worth $122,000 after buying an additional 400 shares during the period. Cherry Creek Investment Advisors Inc. boosted its position in QXO by 0.6% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company's stock worth $1,633,000 after acquiring an additional 474 shares during the period. NewEdge Advisors LLC grew its stake in shares of QXO by 42.4% in the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company's stock worth $32,000 after purchasing an additional 500 shares in the last quarter. Maple Capital Management Inc. grew its stake in shares of 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 purchasing an additional 543 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in shares of QXO by 27.2% during the fourth quarter. Allworth Financial LP now owns 2,580 shares of the company's stock valued at $50,000 after purchasing an additional 552 shares during the period. Institutional investors own 58.68% of the company's stock.

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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