Zacks Research Upgrades QXO (NYSE:QXO) to Hold

QXO (NYSE:QXO) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other brokerages also recently issued reports on QXO. Citigroup reduced their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. KeyCorp reduced their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Stephens lowered their price target on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Wells Fargo & Company set a $18.00 target price on shares of QXO in a report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, QXO presently has an average rating of “Moderate Buy” and a consensus target price of $29.71.

QXO Stock Performance

QXO stock opened at $14.24 on Monday. QXO has a fifty-two week low of $13.32 and a fifty-two week high of $27.61. The company has a market capitalization of $10.33 billion, a price-to-earnings ratio of -15.65, a PEG ratio of 2.62 and a beta of 2.23. The stock has a fifty day moving average of $16.01 and a two-hundred day moving average of $19.86. 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 (NYSE:QXO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.73 billion. The firm’s quarterly revenue was up 12716.3% compared to the same quarter last year. On average, analysts anticipate that QXO will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently added to or reduced their stakes in QXO. Carnegie Investment Counsel boosted its holdings in shares of QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after acquiring an additional 86,265 shares during the period. CI Investments Inc. raised its stake in QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after purchasing an additional 774,138 shares during the period. Baillie Gifford & Co. grew its position in 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 buying an additional 14,644,305 shares in the last quarter. Finally, JNBA Financial Advisors acquired a new stake in shares of QXO in the 4th quarter worth approximately $992,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.