QXO (NYSE:QXO) Sees Strong Trading Volume – What’s Next?

QXO, Inc. (NYSE:QXO) shares saw an uptick in trading volume on Tuesday . Approximately 8,427,568 shares traded hands during mid-day trading, a decline of 32% from the previous session’s volume of 12,447,598 shares.The stock last traded at $18.2040 and had previously closed at $17.82.

Analysts Set New Price Targets

QXO has been the subject of several recent research reports. BNP Paribas Exane began coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective for the company. Oppenheimer upped their target price on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Stephens reduced their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. KeyCorp lifted their price target on shares of QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Price Performance

The company’s 50 day moving average is $17.98 and its 200 day moving average is $20.84. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $12.46 billion, a price-to-earnings ratio of -18.90, a price-to-earnings-growth ratio of 4.56 and a beta of 2.30.

QXO (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business’s revenue was up 12716.3% compared to the same quarter last year. Research analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Institutional Trading of QXO

Large investors have recently made changes to their positions in the company. Finepoint Capital LP lifted its stake in QXO by 5.4% in the third quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock valued at $424,954,000 after buying an additional 1,142,747 shares during the last quarter. Fred Alger Management LLC increased its holdings in shares of QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after acquiring an additional 6,844,574 shares during the period. Baillie Gifford & Co. increased its holdings in shares of QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after acquiring an additional 14,644,305 shares during the period. Schf GPE LLC raised its position in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. Finally, MTCO Ltd. purchased a new stake in QXO in the 3rd quarter valued at $208,534,000. 58.68% of the stock is owned by institutional investors and hedge funds.

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.