Short Interest in QXO, Inc. (NYSE:QXO) Expands By 19.5%

QXO, Inc. (NYSE:QXO) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 74,882,118 shares, a growth of 19.5% from the March 31st total of 62,661,545 shares. Based on an average daily volume of 8,843,848 shares, the short-interest ratio is currently 8.5 days. Currently, 17.9% of the shares of the stock are short sold.

QXO Trading Down 1.2%

Shares of NYSE:QXO traded down $0.24 on Friday, hitting $19.83. 12,916,701 shares of the company’s stock were exchanged, compared to its average volume of 15,786,693. QXO has a 12 month low of $13.09 and a 12 month high of $27.61. The stock has a market capitalization of $14.38 billion, a price-to-earnings ratio of -33.62, a price-to-earnings-growth ratio of 3.14 and a beta of 2.40. The business’s 50 day simple moving average is $21.39 and its two-hundred day simple moving average is $21.14. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61.

QXO (NYSE:QXO) last released its earnings results on Friday, February 27th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.The firm’s revenue for the quarter was up 14725.0% compared to the same quarter last year. Analysts anticipate that QXO will post 0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on QXO shares. Benchmark reissued a “buy” rating on shares of QXO in a report on Friday, February 20th. BNP Paribas Exane initiated coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective on the stock. KeyCorp lifted their price objective on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Citigroup lowered their price objective on shares of QXO from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Finally, Oppenheimer increased their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, QXO has an average rating of “Moderate Buy” and an average price target of $32.53.

Institutional Investors Weigh In On QXO

Institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. grew its holdings in QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after acquiring an additional 14,644,305 shares in the last quarter. MTCO Ltd. bought a new position in QXO during the 3rd quarter worth about $208,534,000. Fred Alger Management LLC bought a new position in QXO during the 3rd quarter worth about $173,053,000. 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 worth $286,901,000 after acquiring an additional 8,943,089 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in QXO by 17.2% during the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after acquiring an additional 8,131,331 shares in the last quarter. 58.68% of the stock is owned by institutional investors.

About QXO

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.