QXO (NYSE:QXO) Rating Lowered to Strong Sell at Zacks Research

QXO (NYSE:QXO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada lowered their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. KeyCorp increased their price target on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Oppenheimer raised their target price on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Wall Street Zen lowered QXO from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Finally, BNP Paribas Exane started coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective for the company. Sixteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.33.

QXO Trading Down 3.9%

Shares of QXO stock opened at $17.04 on Tuesday. QXO has a 12-month low of $15.27 and a 12-month high of $27.61. The firm’s 50 day simple moving average is $20.57 and its two-hundred day simple moving average is $21.14. The company has a current ratio of 3.58, a quick ratio of 2.61 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $12.35 billion, a price-to-earnings ratio of -18.73, a PEG ratio of 2.50 and a beta of 2.40.

QXO (NYSE:QXO) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.93%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue for the quarter was up 12716.3% on a year-over-year basis. Analysts predict that QXO will post 0.36 EPS for the current year.

Institutional Investors Weigh In On QXO

Hedge funds have recently bought and sold shares of the stock. Sycale Advisors NY LLC grew its holdings in QXO by 113.6% during the 1st quarter. Sycale Advisors NY LLC now owns 625,757 shares of the company’s stock worth $12,152,000 after acquiring an additional 332,757 shares in the last quarter. Aureus Asset Management LLC lifted its position in shares of QXO by 0.7% during the 1st quarter. Aureus Asset Management LLC now owns 411,813 shares of the company’s stock worth $7,997,000 after purchasing an additional 2,660 shares during the last quarter. Levin Capital Strategies L.P. grew its stake in shares of QXO by 99.7% during the first quarter. Levin Capital Strategies L.P. now owns 31,450 shares of the company’s stock worth $611,000 after purchasing an additional 15,700 shares in the last quarter. CI Investments Inc. increased its holdings in QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after buying an additional 102,838 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of QXO by 608.6% during the 1st quarter. First Trust Advisors LP now owns 328,123 shares of the company’s stock worth $6,372,000 after acquiring an additional 281,816 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.