Wall Street Zen Upgrades QXO (NYSE:QXO) to “Sell”

QXO (NYSE:QXO) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

Other analysts have also recently issued reports about the stock. KeyCorp lowered their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Robert W. Baird decreased their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Stephens lowered their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Zacks Research lowered QXO from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Finally, Citigroup reduced their target price on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Fifteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.57.

QXO Price Performance

QXO stock opened at $13.71 on Friday. The stock has a market capitalization of $9.94 billion, a P/E ratio of -15.06, a P/E/G ratio of 3.55 and a beta of 2.23. QXO has a 12-month low of $13.32 and a 12-month high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The firm’s 50-day moving average is $16.09 and its two-hundred day moving average is $20.01.

QXO (NYSE:QXO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. QXO’s revenue was up 12716.3% compared to the same quarter last year. Equities analysts predict that QXO will post 0.2 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Institutional investors and hedge funds have recently modified their holdings of the stock. Fred Alger Management LLC boosted its holdings in QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after acquiring an additional 6,844,574 shares during the period. Baillie Gifford & Co. boosted its stake in shares of QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after purchasing an additional 14,644,305 shares during the period. Schf GPE LLC grew its holdings in QXO by 204.3% during 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 in the last quarter. Cercano Management LLC grew its holdings in QXO by 2.4% during the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock valued at $208,637,000 after purchasing an additional 255,366 shares in the last quarter. Finally, Consulta Ltd increased its stake in QXO by 33.3% during the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock worth $192,900,000 after buying an additional 2,500,000 shares during the period. Hedge funds and other institutional investors 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.