QXO (NYSE:QXO) Sets New 12-Month Low – Here’s What Happened

QXO, Inc. (NYSE:QXO)’s share price hit a new 52-week low on Wednesday . The company traded as low as $12.73 and last traded at $12.7410, with a volume of 3407542 shares. The stock had previously closed at $13.25.

Wall Street Analyst Weigh In

QXO has been the subject of several research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. Wells Fargo & Company set a $18.00 price objective on QXO in a report on Tuesday, July 28th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Morgan Stanley initiated coverage on QXO in a report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Citigroup lowered their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

QXO Price Performance

The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66. The stock has a market cap of $12.78 billion, a price-to-earnings ratio of -13.68, a P/E/G ratio of 2.19 and a beta of 2.32. The company has a 50 day simple moving average of $14.20 and a 200-day simple moving average of $17.52.

QXO (NYSE:QXO) last announced its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The business had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. Research analysts expect that QXO, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On QXO

Several hedge funds have recently modified their holdings of the stock. Finepoint Capital LP grew its stake in QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after purchasing an additional 4,255,435 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the period. Schf GPE LLC lifted 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 valued at $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. California State Teachers Retirement System grew its holdings in QXO by 1,744.6% during the second quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company’s stock worth $224,565,000 after purchasing an additional 12,291,119 shares during the period. Finally, Cercano Management LLC increased its position in QXO by 2.4% during the fourth quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock worth $208,637,000 after buying an additional 255,366 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

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.