QXO (NYSE:QXO) Stock Price Down 6.3% - Here's What Happened

Key Points

• QXO shares fell 6.3% on Friday, trading as low as $14.45 before ending near $14.44, with volume below its average session level.
• Analysts remain mixed on the stock: Citigroup cut its price target to $25, while the broader consensus still shows a Moderate Buy rating and an average target of $30.57.
• The company recently reported EPS of -$0.12, missing estimates, though revenue matched expectations at $1.73 billion; QXO also has a current ratio of 3.33 and a market cap of about $10.47 billion.

QXO, Inc. (NYSE:QXO - Get Free Report) fell 6.3% during trading on Friday . The company traded as low as $14.45 and last traded at $14.4430. Approximately 12,525,226 shares changed hands during trading, a decline of 15% from the average session volume of 14,716,649 shares. The stock had previously closed at $15.42.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Citigroup lowered their price objective on shares of QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday. Royal Bank Of Canada restated an "outperform" rating and issued a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Oppenheimer raised their price objective 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. Zacks Research lowered QXO from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. Finally, Wall Street Zen upgraded shares of QXO from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. Fifteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.57.

QXO Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The firm's 50 day moving average is $16.54 and its 200-day moving average is $20.27. The firm has a market cap of $10.47 billion, a price-to-earnings ratio of -15.89, a price-to-earnings-growth ratio of 3.93 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $1.73 billion for 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%.QXO's revenue for the quarter was up 12716.3% compared to the same quarter last year. Sell-side analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QXO

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hudson Value Partners LLC lifted its position in shares of QXO by 87.6% during the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company's stock worth $3,732,000 after purchasing an additional 100,856 shares during the last quarter. Doliver Advisors LP bought a new stake in shares of QXO in the second quarter valued at approximately $871,000. Ausbil Investment Management Ltd acquired a new stake in shares of QXO in the second quarter worth $915,000. Handelsbanken Fonder AB grew its stake in shares of QXO by 10.1% in the second quarter. Handelsbanken Fonder AB now owns 210,900 shares of the company's stock worth $3,644,000 after acquiring an additional 19,400 shares during the last quarter. Finally, First Bank & Trust increased its position in QXO by 7.3% during the second quarter. First Bank & Trust now owns 15,047 shares of the company's stock worth $260,000 after acquiring an additional 1,026 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

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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