QXO (NYSE:QXO) Stock Rating Upgraded by Wells Fargo & Company

QXO (NYSE:QXO) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other analysts have also commented on QXO. Citigroup reduced their target price on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a report on Monday, July 13th. Stephens reduced their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. KeyCorp lowered their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, Oppenheimer raised their target price on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.71.

QXO Trading Down 6.0%

NYSE:QXO opened at $13.39 on Tuesday. The company’s 50 day moving average price is $15.93 and its 200-day moving average price is $19.78. QXO has a 52 week low of $13.20 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 stock has a market cap of $9.71 billion, a price-to-earnings ratio of -14.72, a PEG ratio of 2.54 and a beta of 2.23.

QXO (NYSE:QXO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share 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 firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The business’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, equities research analysts forecast that QXO will post 0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QXO

Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in shares of QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after buying an additional 48,248 shares during the last quarter. AQR Capital Management LLC purchased a new stake in QXO during the first quarter valued at approximately $615,000. Millennium Management LLC raised its position in QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after acquiring an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in QXO by 13.3% in 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 during the period. Finally, American Century Companies Inc. purchased a new position in shares of QXO during the 2nd quarter worth $837,000. Institutional investors own 58.68% of the company’s stock.

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.