Brokerages Set QXO, Inc. (NYSE:QXO) Price Target at $30.79

Shares of QXO, Inc. (NYSE:QXO) have been assigned an average rating of “Moderate Buy” from the seventeen research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation and fifteen have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $30.5714.

A number of brokerages recently commented on QXO. KeyCorp lowered their target price on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Oppenheimer lifted their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th.

QXO Trading Up 0.5%

QXO opened at $15.40 on Friday. QXO has a 52 week low of $13.82 and a 52 week high of $27.61. The business has a fifty day simple moving average of $16.54 and a 200-day simple moving average of $20.27. The firm has a market cap of $11.17 billion, a P/E ratio of -16.93, a P/E/G ratio of 3.93 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.

QXO (NYSE:QXO) last issued 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The firm’s revenue was up 12716.3% compared to the same quarter last year. On average, equities analysts expect that QXO will post 0.2 earnings per share for the current year.

Hedge Funds Weigh In On QXO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fred Alger Management LLC increased its position in shares of QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after acquiring an additional 6,844,574 shares during the period. Baillie Gifford & Co. boosted its holdings in QXO by 16,117.6% in 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 during the period. Schf GPE LLC boosted its holdings in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares during the period. MTCO Ltd. acquired a new position in QXO during the 3rd quarter worth $208,534,000. Finally, Cercano Management LLC grew its stake in QXO by 2.4% during the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock worth $208,637,000 after purchasing an additional 255,366 shares in the last quarter. Hedge funds and other 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.