Investors Buy High Volume of Call Options on QXO (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the recipient of some unusual options trading activity on Monday. Traders acquired 39,858 call options on the company. This is an increase of 109% compared to the average daily volume of 19,051 call options.

Institutional Investors Weigh In On QXO

A number of institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. increased its stake in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares during the period. MTCO Ltd. bought a new position in shares of QXO in the third quarter worth about $208,534,000. Fred Alger Management LLC purchased a new position in QXO in the 3rd quarter worth about $173,053,000. Schf GPE LLC increased its stake in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares during the period. Finally, Norges Bank bought a new stake in QXO during the 4th quarter valued at about $140,421,000. 58.68% of the stock is owned by institutional investors.

QXO Trading Down 2.7%

NYSE QXO traded down $0.45 on Monday, hitting $15.77. 10,254,553 shares of the stock were exchanged, compared to its average volume of 13,353,448. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The stock has a fifty day moving average price of $17.45 and a two-hundred day moving average price of $20.69. The firm has a market capitalization of $11.43 billion, a P/E ratio of -17.34, a P/E/G ratio of 4.16 and a beta of 2.23. QXO has a 52-week low of $14.75 and a 52-week high of $27.61.

QXO (NYSE:QXO) last announced 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 firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO’s quarterly revenue was up 12716.3% compared to the same quarter last year. Research analysts forecast that QXO will post 0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Citigroup decreased their price target on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. BNP Paribas Exane began coverage on shares of QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Finally, Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Fifteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.86.

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.