QXO, Inc. (NYSE:QXO) Short Interest Update

QXO, Inc. (NYSE:QXO) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 105,728,316 shares, a drop of 35.6% from the June 30th total of 164,138,596 shares. Based on an average trading volume of 33,813,115 shares, the days-to-cover ratio is currently 3.1 days. Currently, 24.7% of the company’s shares are sold short.

QXO Stock Performance

Shares of QXO traded down $0.12 during trading hours on Friday, hitting $13.34. The stock had a trading volume of 9,212,147 shares, compared to its average volume of 15,121,272. The firm has a market capitalization of $9.67 billion, a PE ratio of -14.75, a PEG ratio of 2.39 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. QXO has a 12 month low of $13.18 and a 12 month high of $27.61. The stock has a fifty day moving average price of $15.86 and a 200 day moving average price of $19.70.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. 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. Analysts anticipate that QXO will post 0.28 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Carnegie Investment Counsel raised its position in shares of QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after purchasing an additional 86,265 shares during the period. CI Investments Inc. boosted its holdings in QXO by 4.1% in the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock worth $50,469,000 after buying an additional 102,838 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in QXO by 748.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock worth $16,928,000 after buying an additional 774,138 shares in the last quarter. Baillie Gifford & Co. increased its stake in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after buying an additional 14,644,305 shares in the last quarter. Finally, JNBA Financial Advisors bought a new stake in QXO during the fourth quarter valued at about $992,000. 58.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Wells Fargo & Company set a $18.00 target price on QXO in a report on Tuesday. KeyCorp reduced their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Oppenheimer increased their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, Zacks Research raised QXO from a “strong sell” rating to a “hold” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.

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.