QXO (NYSE:QXO) Sees Large Volume Increase – What’s Next?

QXO, Inc. (NYSE:QXO) shares saw strong trading volume on Tuesday . Approximately 8,427,568 shares traded hands during trading, a decline of 32% from the previous session’s volume of 12,447,598 shares.The stock last traded at $18.2040 and had previously closed at $17.82.

Analyst Ratings Changes

Several brokerages recently issued reports on QXO. KeyCorp boosted their price target on QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. BNP Paribas Exane started coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price on the stock. Royal Bank Of Canada dropped their target price on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, April 6th. Oppenheimer upped their price target on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Citigroup decreased their price target on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 15th. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.14.

QXO Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The stock has a market cap of $12.46 billion, a price-to-earnings ratio of -18.90, a P/E/G ratio of 4.56 and a beta of 2.30. The stock’s 50-day moving average is $17.98 and its 200 day moving average is $20.84.

QXO (NYSE:QXO) last released 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). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The company’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Fred Alger Management LLC purchased a new stake in QXO during the third quarter worth about $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after buying an additional 774,138 shares in the last quarter. Baillie Gifford & Co. increased its holdings in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares in the last quarter. JNBA Financial Advisors acquired a new stake in shares of QXO during the 4th quarter valued at approximately $992,000. Finally, Neuberger Berman Group LLC lifted its position in shares of QXO by 36.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,108,631 shares of the company’s stock valued at $21,131,000 after acquiring an additional 293,351 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

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.