Analysts Set QXO, Inc. (NYSE:QXO) Price Target at $30.79

Shares of QXO, Inc. (NYSE:QXO) have received a consensus rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and fifteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $30.5714.

A number of analysts recently issued reports on QXO shares. Citigroup lowered their target price on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday. KeyCorp cut their price target on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Robert W. Baird reduced their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $27.00 price objective on shares of QXO in a report on Friday, July 10th.

QXO Price Performance

QXO opened at $14.44 on Friday. The stock has a market cap of $10.47 billion, a P/E ratio of -15.86, a P/E/G ratio of 3.56 and a beta of 2.23. QXO has a 12 month low of $13.82 and a 12 month high of $27.61. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $16.69 and a 200 day simple moving average of $20.36.

QXO (NYSE:QXO) last posted 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 positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The company’s revenue was up 12716.3% compared to the same quarter last year. On average, research analysts expect that QXO will post 0.2 EPS for the current year.

Institutional Investors Weigh In On QXO

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada grew its position in QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after purchasing an additional 48,248 shares in the last quarter. AQR Capital Management LLC bought a new stake in QXO during the 1st quarter worth about $615,000. Millennium Management LLC lifted its position in 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 buying an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 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 worth $9,449,000 after buying an additional 81,758 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of QXO during the 2nd quarter worth about $837,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.