QXO (NYSE:QXO) Stock Price Down 7.4% – Should You Sell?

QXO, Inc. (NYSE:QXO)’s stock price was down 7.4% on Friday . The stock traded as low as $18.90 and last traded at $18.7710. Approximately 3,754,263 shares traded hands during trading, a decline of 53% from the average daily volume of 8,041,199 shares. The stock had previously closed at $20.28.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on QXO. BNP Paribas Exane began coverage on shares of QXO in a research report on Monday. They set an “outperform” rating and a $30.00 price objective on the stock. Royal Bank Of Canada set a $30.00 price target on QXO in a research note on Friday, January 9th. Loop Capital initiated coverage on QXO in a report on Thursday, December 11th. They set a “buy” rating and a $31.00 price target on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. Finally, Truist Financial cut their target price on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and an average price target of $32.27.

QXO Stock Performance

The business’s fifty day simple moving average is $23.51 and its 200-day simple moving average is $21.03. The company has a market capitalization of $13.22 billion, a P/E ratio of -31.62, a P/E/G ratio of 3.21 and a beta of 2.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.61 and a current ratio of 3.58.

QXO (NYSE:QXO) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. QXO’s revenue was up 14725.0% compared to the same quarter last year. As a group, equities analysts anticipate that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its position in QXO by 1,740.9% during the second 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 during the last quarter. Arax Advisory Partners purchased a new stake in shares of QXO during the 4th quarter valued at about $25,000. Bogart Wealth LLC bought a new position in shares of QXO in the 3rd quarter valued at about $25,000. Russell Investments Group Ltd. bought a new position in shares of QXO in the 2nd quarter valued at about $30,000. Finally, LRI Investments LLC grew its position in QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after acquiring an additional 835 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors.

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.