QXO (NYSE:QXO) Reaches New 52-Week Low – What’s Next?

QXO, Inc. (NYSE:QXO) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $13.00 and last traded at $13.1060, with a volume of 1066681 shares trading hands. The stock had previously closed at $13.28.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Morgan Stanley started coverage on shares of QXO in a research report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Wells Fargo & Company set a $18.00 price target on shares of QXO in a report on Tuesday, July 28th. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. KeyCorp cut their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, DA Davidson started coverage on QXO in a research report on Monday, August 24th. They set a “buy” rating and a $26.00 price target for the company. Two research analysts have 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. Based on data from MarketBeat.com, QXO has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

QXO Stock Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The stock has a fifty day simple moving average of $14.70 and a two-hundred day simple moving average of $18.09. The stock has a market cap of $13.70 billion, a PE ratio of -14.67, a PEG ratio of 2.33 and a beta of 2.32.

QXO (NYSE:QXO) last posted its earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Equities analysts anticipate that QXO, Inc. will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. raised its holdings in QXO by 6.8% in the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock valued at $122,000 after acquiring an additional 400 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Maple Capital Management Inc. increased its position in shares of QXO by 4.7% in the 4th quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock worth $231,000 after purchasing an additional 543 shares during the last quarter. Allworth Financial LP raised its stake in shares of QXO by 27.2% in the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock valued at $50,000 after purchasing an additional 552 shares in the last quarter. Finally, Red Door Wealth Management LLC lifted its position in shares of QXO by 3.9% during the first quarter. Red Door Wealth Management LLC now owns 15,982 shares of the company’s stock worth $310,000 after purchasing an additional 600 shares during the last quarter. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.