QXO, Inc. (NYSE:QXO) Stock Has Average Price Target of $25.14

QXO, Inc. (NYSE:QXO) has been given an average recommendation of “Moderate Buy” by the eighteen analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, fifteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $25.14.

A number of equities research analysts recently commented on QXO shares. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Wednesday, August 26th. Wells Fargo & Company reduced their target price on QXO from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday. Melius Research began coverage on QXO in a report on Tuesday, October 6th. They set a “buy” rating and a $17.00 target price on the stock. KeyCorp decreased their target price on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Finally, Morgan Stanley initiated coverage on QXO in a research report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 target price for the company.

QXO Stock Performance

QXO stock opened at $10.12 on Tuesday. The business’s fifty day moving average is $12.57 and its 200-day moving average is $15.66. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The company has a market cap of $10.50 billion, a P/E ratio of -11.25, a price-to-earnings-growth ratio of 2.21 and a beta of 2.30. QXO has a twelve month low of $10.03 and a twelve month high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (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 business had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. Equities research analysts forecast that QXO will post 0.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Finepoint Capital LP grew its holdings in QXO by 30.7% during the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after purchasing an additional 4,255,435 shares during the period. Fort Washington Investment Advisors Inc. OH increased its stake in QXO by 25.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock valued at $66,679,000 after purchasing an additional 1,173,274 shares in the last quarter. Spyglass Capital Management LLC bought a new stake in QXO in the second quarter valued at approximately $62,961,000. Bank of New York Mellon Corp acquired a new stake in QXO in the second quarter worth $44,919,000. Finally, CI Investments Inc. raised its holdings in QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock worth $50,469,000 after purchasing an additional 102,838 shares during the period. Institutional investors own 58.68% of the company’s stock.

About QXO

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.