QXO (NYSE:QXO) Sets New 12-Month High – Time to Buy?

QXO, Inc. (NYSE:QXO)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.73 and last traded at $24.49, with a volume of 3748476 shares traded. The stock had previously closed at $23.38.

Wall Street Analyst Weigh In

A number of analysts have weighed in on QXO shares. William Blair restated an “outperform” rating on shares of QXO in a research note on Wednesday, December 31st. KeyCorp set a $28.00 target price on QXO in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Vertical Research assumed coverage on shares of QXO in a report on Tuesday, October 21st. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Zacks Research cut shares of QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.57.

QXO Price Performance

The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06. The company has a market capitalization of $16.68 billion, a PE ratio of -56.26, a P/E/G ratio of 2.62 and a beta of 2.44. The company’s 50-day simple moving average is $19.53 and its 200-day simple moving average is $20.12.

QXO (NYSE:QXO) last announced its earnings results on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The company’s revenue for the quarter was up 20726.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that QXO, Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Several hedge funds have recently modified their holdings of QXO. Farther Finance Advisors LLC purchased a new position in QXO during the 2nd quarter worth $25,000. American Capital Advisory LLC raised its holdings in QXO by 258.0% during the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after purchasing an additional 841 shares in the last quarter. Bogart Wealth LLC acquired a new stake in QXO in the third quarter valued at about $25,000. Allworth Financial LP boosted its holdings in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after purchasing an additional 1,149 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in QXO during the 2nd quarter worth approximately $28,000. 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.