QXO (NYSE:QXO) Stock Sees Heavy Put Option Buying

QXO, Inc. (NYSE:QXO) was the target of unusually large options trading activity on Monday. Stock traders acquired 40,720 put options on the company. This is an increase of 47% compared to the typical daily volume of 27,619 put options.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QXO. Fred Alger Management LLC raised its position in shares of QXO by 75.4% during the 4th 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 during the last quarter. Finepoint Capital LP boosted its position in shares of QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock worth $313,007,000 after acquiring an additional 4,255,435 shares during the last quarter. Spyglass Capital Management LLC acquired a new position in shares of QXO in the 2nd quarter valued at $62,961,000. Bank of New York Mellon Corp purchased a new stake in shares of QXO during the 2nd quarter worth about $44,919,000. Finally, Consulta Ltd increased its holdings in QXO by 33.3% in the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock valued at $192,900,000 after purchasing an additional 2,500,000 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Trading Down 4.1%

QXO opened at $10.57 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO has a one year low of $10.39 and a one year high of $27.61. The business’s 50-day simple moving average is $12.97 and its 200-day simple moving average is $15.90. The company has a market cap of $10.97 billion, a P/E ratio of -11.72, a PEG ratio of 2.16 and a beta of 2.30.

QXO (NYSE:QXO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.18 billion. As a group, equities research analysts expect that QXO will post 0.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on QXO shares. Melius Research initiated coverage on shares of QXO in a report on Tuesday, October 6th. They set a “buy” rating and a $17.00 price target for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a report 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. DA Davidson set a $20.00 target price on QXO in a research report on Friday. Finally, Truist Financial lowered their price target on QXO from $26.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, QXO currently has an average rating of “Moderate Buy” and a consensus price target of $25.21.

QXO Company Profile

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.