Robert W. Baird Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

QXO (NYSE:QXO) had its price objective cut by research analysts at Robert W. Baird from $35.00 to $30.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target suggests a potential upside of 69.08% from the company’s current price.

Other equities analysts also recently issued reports about the company. Citigroup reduced their target price on QXO from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Benchmark reiterated a “buy” rating on shares of QXO in a research report on Friday, February 20th. KeyCorp increased their target price on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Royal Bank Of Canada reduced their target price on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Finally, Wall Street Zen downgraded QXO from a “sell” rating to a “strong sell” rating in a research report on Saturday. Sixteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.33.

QXO Stock Performance

NYSE QXO opened at $17.74 on Wednesday. The business’s 50-day moving average price is $20.69 and its 200 day moving average price is $21.15. QXO has a twelve month low of $14.41 and a twelve month high of $27.61. The company has a market capitalization of $12.86 billion, a PE ratio of -30.07, a price-to-earnings-growth ratio of 2.60 and a beta of 2.40. The company has a current ratio of 3.58, a quick ratio of 2.61 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last released its earnings results on Thursday, May 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.QXO’s revenue was up 12716.3% on a year-over-year basis. On average, research analysts predict that QXO will post 0.36 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bogart Wealth LLC acquired a new stake in QXO during the third quarter worth about $25,000. Arax Advisory Partners acquired a new stake in QXO during the fourth quarter worth about $25,000. LRI Investments LLC increased its stake in QXO by 129.1% during 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 during the last quarter. Root Financial Partners LLC increased its stake in QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its stake in QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.