QXO (NYSE:QXO) Sees Large Volume Increase – What’s Next?

QXO, Inc. (NYSE:QXO) saw an uptick in trading volume on Tuesday . Approximately 8,427,568 shares traded hands during trading, a decline of 32% from the previous session’s volume of 12,447,598 shares.The stock last traded at $18.2040 and had previously closed at $17.82.

Analyst Ratings Changes

Several brokerages recently commented on QXO. Royal Bank Of Canada decreased their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. KeyCorp dropped their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday. BNP Paribas Exane assumed coverage on shares of QXO in a research note on Monday, March 16th. They set an “outperform” rating and a $30.00 price target on the stock. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Finally, Oppenheimer lifted their price objective on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Fifteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.86.

QXO Stock Performance

The firm has a 50 day moving average price of $17.67 and a 200-day moving average price of $20.77. The stock has a market capitalization of $11.97 billion, a PE ratio of -18.14, a PEG ratio of 4.43 and a beta of 2.23. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last issued 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 positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. The company’s revenue was up 12716.3% on a year-over-year basis. Research analysts expect that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in QXO. Janus Henderson Group PLC boosted its holdings in QXO by 3.8% in the first quarter. Janus Henderson Group PLC now owns 269,200 shares of the company’s stock valued at $5,224,000 after purchasing an additional 9,787 shares during the last quarter. Arkadios Wealth Advisors grew its position in QXO by 17.2% during the 1st quarter. Arkadios Wealth Advisors now owns 59,040 shares of the company’s stock worth $1,147,000 after purchasing an additional 8,644 shares during the period. Opal Capital LLC raised its stake in shares of QXO by 2,185.2% during the 1st quarter. Opal Capital LLC now owns 255,846 shares of the company’s stock valued at $4,969,000 after buying an additional 244,650 shares during the last quarter. Amundi lifted its holdings in shares of QXO by 11.3% in the 1st quarter. Amundi now owns 1,264,434 shares of the company’s stock valued at $24,555,000 after buying an additional 127,933 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of QXO by 22.4% in the 1st quarter. California State Teachers Retirement System now owns 704,530 shares of the company’s stock valued at $13,682,000 after buying an additional 129,164 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

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.