QXO (NYSE:QXO) Shares Up 9.7% – Still a Buy?

Shares of QXO, Inc. (NYSE:QXO) were up 9.7% during trading on Wednesday . The company traded as high as $26.11 and last traded at $25.4520. Approximately 4,097,618 shares traded hands during trading, a decline of 55% from the average daily volume of 9,187,193 shares. The stock had previously closed at $23.21.

Wall Street Analyst Weigh In

QXO has been the subject of several analyst reports. Vertical Research assumed coverage on QXO in a research note on Tuesday, October 21st. They issued a “buy” rating and a $30.00 price objective for the company. Oppenheimer boosted their price target on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 16th. Citigroup decreased their price objective on QXO from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. Finally, Royal Bank Of Canada set a $30.00 price objective on QXO in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, QXO currently has an average rating of “Moderate Buy” and an average target price of $32.43.

QXO Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24. The firm has a 50-day moving average of $22.45 and a 200-day moving average of $20.42. The stock has a market cap of $17.91 billion, a PE ratio of -60.31, a PEG ratio of 2.87 and a beta of 2.55.

Institutional Investors Weigh In On QXO

Several institutional investors and hedge funds have recently modified their holdings of the stock. American Capital Advisory LLC boosted its position in shares of QXO by 258.0% during the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after acquiring an additional 841 shares during the last quarter. Bogart Wealth LLC purchased a new stake in QXO in the 3rd quarter worth $25,000. Allworth Financial LP boosted its holdings in shares of QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after purchasing an additional 1,149 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of QXO during the 2nd quarter valued at about $28,000. Finally, LRI Investments LLC grew its position in shares of QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after purchasing an additional 835 shares in the last quarter. 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.