QXO (NYSE:QXO) Coverage Initiated by Analysts at Morgan Stanley

Analysts at Morgan Stanley assumed coverage on shares of QXO (NYSE:QXO) in a research note issued to investors on Tuesday. The firm set an “overweight” rating and a $35.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 148.65% from the company’s current price.

Other equities analysts have also issued reports about the stock. Citigroup reduced their target price on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. KeyCorp reduced their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Oppenheimer increased their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. One equities 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.71.

QXO Stock Up 5.8%

NYSE QXO opened at $14.08 on Tuesday. QXO has a 52 week low of $13.18 and a 52 week high of $27.61. 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 fifty day moving average of $15.74 and a two-hundred day moving average of $19.54. The firm has a market capitalization of $14.60 billion, a price-to-earnings ratio of -15.47, a PEG ratio of 2.38 and a beta of 2.28.

QXO (NYSE:QXO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company’s revenue for the quarter was up 12716.3% on a year-over-year basis. On average, analysts predict that QXO will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in QXO. Hudson Value Partners LLC lifted its stake in QXO by 87.6% in the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock valued at $3,732,000 after buying an additional 100,856 shares in the last quarter. Doliver Advisors LP acquired a new stake in shares of QXO in the 2nd quarter worth $871,000. Ausbil Investment Management Ltd acquired a new stake in QXO during the second quarter worth about $915,000. Handelsbanken Fonder AB raised its position in shares of QXO by 10.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 210,900 shares of the company’s stock valued at $3,644,000 after buying an additional 19,400 shares during the period. Finally, First Bank & Trust raised its position in QXO by 7.3% in the second quarter. First Bank & Trust now owns 15,047 shares of the company’s stock valued at $260,000 after purchasing an additional 1,026 shares during the period. 58.68% of the stock is 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.