QXO (NYSE:QXO) Shares Down 7.4% – Here’s What Happened

Shares of QXO, Inc. (NYSE:QXO) dropped 7.4% on Friday . The company traded as low as $18.90 and last traded at $18.7710. Approximately 3,754,263 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 8,041,199 shares. The stock had previously closed at $20.28.

Wall Street Analysts Forecast Growth

QXO has been the topic of a number of research analyst reports. Royal Bank Of Canada set a $30.00 price target on shares of QXO in a report on Friday, January 9th. Loop Capital assumed coverage on shares of QXO in a report on Thursday, December 11th. They set a “buy” rating and a $31.00 price objective for the company. William Blair reissued an “outperform” rating on shares of QXO in a research report on Wednesday, December 31st. Truist Financial dropped their target price on shares of QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Finally, Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given 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 $32.27.

QXO Stock Performance

The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $23.38 and a 200 day moving average price of $21.01. The stock has a market cap of $13.22 billion, a PE ratio of -31.62, a price-to-earnings-growth ratio of 2.97 and a beta of 2.51.

QXO (NYSE:QXO) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 company’s quarterly revenue was up 14725.0% compared to the same quarter last year. As a group, research analysts forecast that QXO, Inc. will post -0.13 earnings per share for the current year.

Hedge Funds Weigh In On QXO

Several institutional investors have recently bought and sold shares of the business. Bogart Wealth LLC purchased a new stake in QXO during the third quarter worth $25,000. Arax Advisory Partners bought a new position in shares of QXO in the 4th quarter worth $25,000. Allworth Financial LP lifted its stake in shares of QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after purchasing an additional 1,149 shares during the last quarter. LRI Investments LLC boosted its position in QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after purchasing an additional 835 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in QXO by 57.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other 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.