QXO (NYSE:QXO) Reaches New 1-Year Low – Here’s Why

Shares of QXO, Inc. (NYSE:QXO) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.97 and last traded at $12.0880, with a volume of 11965631 shares traded. The stock had previously closed at $12.31.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QXO. Morgan Stanley initiated coverage on shares of QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective on the stock. Wells Fargo & Company set a $18.00 target price on shares of QXO in a research note on Tuesday, July 28th. DA Davidson began coverage on QXO in a report on Monday, August 24th. They set a “buy” rating and a $26.00 target price for the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 price target on shares of QXO in a research note on Friday, July 10th. Finally, KeyCorp cut 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 analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO presently has an average rating of “Moderate Buy” and an average price target of $28.00.

QXO Price Performance

The stock has a market cap of $11.68 billion, a price-to-earnings ratio of -12.51, a price-to-earnings-growth ratio of 2.08 and a beta of 2.32. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The company has a 50-day simple moving average of $13.91 and a two-hundred day simple moving average of $17.16.

QXO (NYSE:QXO) last released its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. As a group, equities research analysts forecast that QXO, Inc. will post 0.28 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its position in QXO by 27.2% during the fourth quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock worth $50,000 after acquiring an additional 552 shares during the period. Red Door Wealth Management LLC boosted its holdings in QXO by 3.9% in the 1st quarter. Red Door Wealth Management LLC now owns 15,982 shares of the company’s stock valued at $310,000 after purchasing an additional 600 shares during the period. Alamea Verwaltungs GmbH boosted its holdings in QXO by 4.5% in the 4th quarter. Alamea Verwaltungs GmbH now owns 13,960 shares of the company’s stock valued at $269,000 after purchasing an additional 602 shares during the period. NFSG Corp grew its position in shares of QXO by 39.6% during the 1st quarter. NFSG Corp now owns 2,198 shares of the company’s stock worth $43,000 after purchasing an additional 623 shares in the last quarter. Finally, Strs Ohio grew its position in shares of QXO by 1.1% during the 1st quarter. Strs Ohio now owns 69,393 shares of the company’s stock worth $1,348,000 after purchasing an additional 760 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

About QXO

QXO, Inc is a building products distribution company that supplies materials used in residential and commercial construction, repair and remodeling. Its product offerings include roofing materials, siding, waterproofing products and related building supplies, serving professional contractors and other customers through distribution facilities and sales channels.

The company was established as part of an initiative led by Brad Jacobs, who serves as QXO’s executive chairman and chief executive officer.