KeyCorp Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

QXO (NYSE:QXO) had its price objective dropped by investment analysts at KeyCorp from $32.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 60.73% from the stock’s current price.

Several other research firms have also issued reports on QXO. BNP Paribas Exane initiated coverage on shares of QXO in a report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price for the company. Oppenheimer lifted their target price on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Finally, Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.86.

QXO Stock Down 2.2%

Shares of NYSE:QXO opened at $17.42 on Wednesday. The firm has a market capitalization of $12.64 billion, a PE ratio of -19.14, a price-to-earnings-growth ratio of 4.57 and a beta of 2.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO has a 52-week low of $14.75 and a 52-week high of $27.61. The firm has a fifty day moving average of $17.83 and a 200 day moving average of $20.80.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.73 billion. The business’s revenue was up 12716.3% on a year-over-year basis. As a group, research analysts anticipate that QXO will post 0.2 EPS for the current fiscal year.

Institutional Trading of QXO

Several large investors have recently added to or reduced their stakes in QXO. Royal Bank of Canada boosted its position in shares of QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after buying an additional 48,248 shares during the period. AQR Capital Management LLC acquired a new position in QXO during the 1st quarter worth approximately $615,000. Millennium Management LLC boosted its holdings in QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after acquiring an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in QXO by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after acquiring an additional 81,758 shares during the period. Finally, American Century Companies Inc. acquired a new stake in QXO in the second quarter valued at approximately $837,000. 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.