QXO (NYSE:QXO) Rating Increased to Strong-Buy at DA Davidson

QXO (NYSE:QXO) was upgraded by analysts at DA Davidson to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts have also commented on QXO. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Morgan Stanley assumed coverage on QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price objective for the company. Robert W. Baird dropped their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Finally, KeyCorp decreased their price target on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.00.

QXO Price Performance

QXO stock opened at $13.88 on Monday. The company has a market cap of $14.41 billion, a price-to-earnings ratio of -15.43, a PEG ratio of 2.31 and a beta of 2.28. The firm’s fifty day moving average is $15.12 and its 200 day moving average is $18.53. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. QXO has a 52-week low of $13.15 and a 52-week high of $27.61.

QXO (NYSE:QXO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Sell-side analysts forecast that QXO will post 0.29 EPS for the current fiscal year.

Institutional Trading of QXO

A number of hedge funds and other institutional 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% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after buying an additional 48,248 shares during the period. AQR Capital Management LLC purchased a new stake in shares of QXO in the first quarter worth approximately $615,000. Millennium Management LLC lifted its stake in shares of QXO by 6.6% during 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in QXO by 13.3% during 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 valued at $9,449,000 after acquiring an additional 81,758 shares during the period. Finally, American Century Companies Inc. purchased a new position in QXO during the 2nd quarter valued at $837,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

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.