QXO (NYSE:QXO) Earns Outperform Rating from Royal Bank Of Canada

QXO (NYSE:QXO)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank Of Canada in a note issued to investors on Friday,Benzinga reports. They presently have a $27.00 price target on the stock. Royal Bank Of Canada’s target price points to a potential upside of 85.36% from the company’s current price.

A number of other equities analysts have also commented on QXO. BNP Paribas Exane assumed 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. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Citigroup decreased their price target on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Finally, KeyCorp lowered their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Fifteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.79.

QXO Trading Down 0.1%

Shares of QXO stock opened at $14.57 on Friday. QXO has a 52-week low of $13.82 and a 52-week high of $27.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The stock has a market cap of $10.56 billion, a price-to-earnings ratio of -16.02, a P/E/G ratio of 3.76 and a beta of 2.23. The firm has a fifty day moving average of $17.00 and a 200-day moving average of $20.51.

QXO (NYSE:QXO) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The business’s revenue for the quarter was up 12716.3% compared to the same quarter last year. On average, equities research analysts forecast that QXO will post 0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QXO

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after acquiring an additional 48,248 shares during the period. AQR Capital Management LLC acquired a new stake in QXO in the 1st quarter valued at $615,000. Millennium Management LLC increased its position in shares of QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after purchasing an additional 20,067 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in QXO by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after acquiring an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of QXO in the 2nd quarter valued at about $837,000. 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.