Brokerages Set QXO, Inc. (NYSE:QXO) Target Price at $29.71

QXO, Inc. (NYSE:QXO) has earned an average rating of “Moderate Buy” from the seventeen analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $29.7143.

Several brokerages have issued reports on QXO. Oppenheimer increased 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. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Stephens cut their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Finally, Citigroup cut their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, July 13th.

QXO Price Performance

QXO opened at $15.03 on Thursday. QXO has a 12-month low of $13.18 and a 12-month high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The business’s fifty day simple moving average is $15.53 and its 200-day simple moving average is $19.11. The company has a market capitalization of $15.59 billion, a price-to-earnings ratio of -16.52, a PEG ratio of 2.62 and a beta of 2.28.

QXO (NYSE:QXO) last released its quarterly earnings data 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. The business’s quarterly revenue was up 12716.3% compared to the same quarter last year. On average, equities research analysts anticipate that QXO will post 0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its stake in shares of QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares during the last quarter. Schf GPE LLC boosted its position in QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares in the last quarter. Norges Bank purchased a new position in QXO in the fourth quarter valued at about $140,421,000. Fred Alger Management LLC raised its holdings in QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares in the last quarter. Finally, Sound Shore Management Inc. CT bought a new position in QXO in the fourth quarter worth about $77,199,000. 58.68% of the stock is currently 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.