QXO (NYSE:QXO) Trading Down 4.9% - Here's What Happened

Key Points

• QXO shares fell 4.9% to about $14.78, with trading volume plunging 89% below the average session volume.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $29.71, despite several recent target-price cuts.
• QXO missed quarterly earnings expectations, reporting a loss of $0.12 per share versus the $0.09 consensus estimate, while revenue reached $1.73 billion and increased sharply year over year.

QXO, Inc. (NYSE:QXO - Get Free Report) traded down 4.9% on Wednesday . The company traded as low as $15.00 and last traded at $14.7840. 1,615,846 shares changed hands during trading, a decline of 89% from the average session volume of 15,211,265 shares. The stock had previously closed at $15.55.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Robert W. Baird cut their price objective on QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. KeyCorp decreased their price objective on QXO from $32.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday, July 1st. Oppenheimer boosted their target price on QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Zacks Research raised QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Finally, Morgan Stanley initiated coverage on shares of QXO in a research report on Tuesday, August 4th. They set an "overweight" rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, QXO has an average rating of "Moderate Buy" and an average price target of $29.71.

QXO Trading Down 3.7%

The firm's 50-day simple moving average is $15.56 and its 200-day simple moving average is $19.17. The firm has a market capitalization of $15.53 billion, a PE ratio of -16.45, a price-to-earnings-growth ratio of 2.59 and a beta of 2.28. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.73 billion. The company's quarterly revenue was up 12716.3% compared to the same quarter last year. Equities analysts expect that QXO, Inc. will post 0.3 earnings per share for the current year.

Hedge Funds Weigh In On QXO

A number of large investors have recently bought and sold shares of the stock. Arax Advisory Partners purchased a new stake in shares of QXO during the fourth quarter valued at approximately $25,000. LRI Investments LLC increased its stake in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company's stock worth $29,000 after buying an additional 835 shares during the period. Root Financial Partners LLC increased its stake in shares of QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock worth $29,000 after buying an additional 1,467 shares during the period. Russell Investments Group Ltd. bought a new stake in QXO during the 2nd quarter valued at $30,000. Finally, NewEdge Advisors LLC boosted its position in 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 buying an additional 500 shares during the period. 58.68% of the stock is 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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