QXO (NYSE:QXO) Stock Price Down 7.9% After Analyst Downgrade

Shares of QXO, Inc. (NYSE:QXO) traded down 7.9% during trading on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $27.00 to $18.00. Royal Bank Of Canada currently has an outperform rating on the stock. QXO traded as low as $11.12 and last traded at $11.1540. 4,426,866 shares were traded during trading, a decline of 72% from the average session volume of 15,731,277 shares. The stock had previously closed at $12.11.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company set a $18.00 target price on QXO in a research note on Tuesday, July 28th. Citigroup dropped their price objective on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Finally, DA Davidson started coverage on shares of QXO in a report on Monday, August 24th. They issued a “buy” rating and a $26.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.57.

Institutional Trading of QXO

A number of hedge funds have recently modified their holdings of the business. Finepoint Capital LP lifted its position in QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after acquiring an additional 4,255,435 shares during the period. Fred Alger Management LLC grew its holdings in QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares during the period. Consulta Ltd increased its stake in shares of QXO by 33.3% during the fourth quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock valued at $192,900,000 after purchasing an additional 2,500,000 shares in the last quarter. Spyglass Capital Management LLC bought a new position in shares of QXO during the second quarter valued at approximately $62,961,000. Finally, CI Investments Inc. lifted its holdings in shares of QXO by 4.1% during the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after purchasing an additional 102,838 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The business has a 50-day moving average price of $13.27 and a 200 day moving average price of $16.22. The stock has a market capitalization of $11.48 billion, a P/E ratio of -12.29, a PEG ratio of 2.16 and a beta of 2.30.

QXO (NYSE:QXO) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. As a group, sell-side analysts forecast that QXO, Inc. will post 0.28 EPS for the current fiscal year.

QXO Company Profile

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.