QXO (NYSE:QXO) Shares Gap Down – Here’s What Happened

QXO, Inc. (NYSE:QXO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $25.02, but opened at $23.59. QXO shares last traded at $23.85, with a volume of 10,709,596 shares changing hands.

Analyst Ratings Changes

QXO has been the subject of a number of research reports. Oppenheimer boosted their price target on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday. Royal Bank Of Canada set a $30.00 target price on QXO in a research report on Friday, January 9th. Citigroup cut their price target on shares of QXO from $33.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Truist Financial reduced their target price on shares of QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, QXO has a consensus rating of “Moderate Buy” and an average target price of $32.43.

QXO Price Performance

The stock’s 50 day simple moving average is $20.49 and its 200-day simple moving average is $20.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24. The company has a market capitalization of $16.22 billion, a PE ratio of -54.63, a price-to-earnings-growth ratio of 2.84 and a beta of 2.44.

QXO (NYSE:QXO) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The firm had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. The firm’s revenue for the quarter was up 20726.7% on a year-over-year basis. As a group, equities analysts forecast that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of QXO. Vanguard Group Inc. grew its holdings in shares of QXO by 17.2% during the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after purchasing an additional 8,131,331 shares during the period. Affinity Partners GP LP raised its stake in shares of QXO by 99.1% in the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock valued at $703,745,000 after acquiring an additional 16,260,163 shares during the period. Alpha Wave Global LP acquired a new position in shares of QXO during the 2nd quarter valued at $525,366,000. Finepoint Capital LP lifted its holdings in shares of QXO by 5.4% during the 3rd quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock valued at $424,954,000 after acquiring an additional 1,142,747 shares in the last quarter. Finally, Schf GPE LLC boosted its position in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares during the period. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.