QXO (NYSE:QXO) Stock Price Up 14.9% – What’s Next?
by Mitch Edgeman · The Markets DailyQXO, Inc. (NYSE:QXO – Get Free Report) shares rose 14.9% during trading on Monday . The stock traded as high as $21.97 and last traded at $22.6670. Approximately 4,253,785 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 4,844,990 shares. The stock had previously closed at $19.72.
Analyst Ratings Changes
QXO has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Loop Capital began coverage on shares of QXO in a research note on Thursday, December 11th. They issued a “buy” rating and a $31.00 price objective on the stock. William Blair reiterated an “outperform” rating on shares of QXO in a research report on Wednesday. Truist Financial reduced their price target on QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, December 19th. Finally, KeyCorp set a $28.00 price objective on QXO in a report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO currently has an average rating of “Moderate Buy” and a consensus target price of $32.57.
View Our Latest Research Report on QXO
QXO Trading Up 17.9%
The firm has a market capitalization of $15.68 billion, a price-to-earnings ratio of -52.80, a price-to-earnings-growth ratio of 2.14 and a beta of 2.44. The business’s fifty day moving average is $19.21 and its 200 day moving average is $20.09. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37.
QXO (NYSE:QXO – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. QXO had a positive return on equity of 3.70% and a negative net margin of 3.81%.QXO’s revenue for the quarter was up 20726.7% on a year-over-year basis. Equities analysts predict that QXO, Inc. will post -0.13 earnings per share for the current year.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in QXO. Royal Bank of Canada increased its stake in QXO by 67.5% in the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after buying an additional 48,248 shares during the last quarter. Amundi increased its position in shares of QXO by 26.4% in the first quarter. Amundi now owns 715,087 shares of the company’s stock valued at $9,861,000 after acquiring an additional 149,504 shares during the last quarter. AQR Capital Management LLC acquired a new position in QXO during the first quarter valued at approximately $615,000. Millennium Management LLC grew its stake in QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after purchasing an additional 20,067 shares in the last quarter. Finally, Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new position in shares of QXO during the 1st quarter worth approximately $118,142,000. Institutional investors and hedge funds own 58.68% of the company’s stock.
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.