QXO Target of Unusually High Options Trading (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was the target of unusually large options trading activity on Wednesday. Traders bought 23,081 call options on the stock. This represents an increase of 50% compared to the typical volume of 15,402 call options.

Wall Street Analysts Forecast Growth

QXO has been the topic of several analyst reports. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Oppenheimer upped their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Stephens reduced their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Robert W. Baird decreased their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Price Performance

Shares of QXO stock traded up $0.28 on Wednesday, hitting $17.29. 7,212,767 shares of the company were exchanged, compared to its average volume of 11,749,330. 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 50-day moving average price of $18.76 and a 200 day moving average price of $21.00. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of -19.13, a price-to-earnings-growth ratio of 4.28 and a beta of 2.30. QXO has a 1-year low of $14.75 and a 1-year high of $27.61.

QXO (NYSE:QXO) last announced its quarterly 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The firm had revenue of $1.73 billion for 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. As a group, sell-side analysts predict that QXO will post 0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in QXO by 17.2% in the third quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock valued at $1,054,471,000 after purchasing an additional 8,131,331 shares during the period. Finepoint Capital LP grew its holdings in shares of QXO by 5.4% during the 3rd quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock worth $424,954,000 after purchasing an additional 1,142,747 shares during the period. Fred Alger Management LLC increased its position in shares of QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares during the last quarter. Baillie Gifford & Co. raised its holdings in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares during the period. Finally, Schf GPE LLC raised its holdings in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.