QXO (NYSE:QXO) Sets New 12-Month Low – Time to Sell?

QXO, Inc. (NYSE:QXO)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $11.97 and last traded at $12.0880, with a volume of 11965631 shares. The stock had previously closed at $12.31.

Wall Street Analysts Forecast Growth

QXO has been the topic of several recent research reports. KeyCorp decreased their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 target price on shares of QXO in a report on Friday, July 10th. Wells Fargo & Company set a $18.00 price target on shares of QXO in a research report on Tuesday, July 28th. DA Davidson assumed coverage on shares of QXO in a research note on Monday, August 24th. They set a “buy” rating and a $26.00 price target on the stock. Finally, Morgan Stanley started coverage on shares of QXO in a research report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

QXO Price Performance

The firm has a market capitalization of $12.54 billion, a P/E ratio of -13.43, a price-to-earnings-growth ratio of 2.24 and a beta of 2.32. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66. The firm has a 50 day moving average price of $14.05 and a 200-day moving average price of $17.34.

QXO (NYSE:QXO) last released its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. On average, analysts expect that QXO, Inc. will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of QXO. Tidal Investments LLC purchased a new stake in shares of QXO in the second quarter valued at $1,154,000. Finepoint Capital LP boosted its stake in shares of QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock worth $313,007,000 after purchasing an additional 4,255,435 shares during the period. WINTON GROUP Ltd grew its holdings in QXO by 12.0% during the 2nd quarter. WINTON GROUP Ltd now owns 364,300 shares of the company’s stock valued at $6,295,000 after purchasing an additional 39,155 shares during the last quarter. Engineers Gate Manager LP bought a new position in QXO during the 2nd quarter valued at about $1,113,000. Finally, Capital Analysts LLC raised its position in QXO by 116.2% in the 2nd quarter. Capital Analysts LLC now owns 3,544 shares of the company’s stock worth $61,000 after purchasing an additional 1,905 shares during the period. Institutional investors own 58.68% of the company’s stock.

QXO Company Profile

QXO, Inc is a building products distribution company that supplies materials used in residential and commercial construction, repair and remodeling. Its product offerings include roofing materials, siding, waterproofing products and related building supplies, serving professional contractors and other customers through distribution facilities and sales channels.

The company was established as part of an initiative led by Brad Jacobs, who serves as QXO’s executive chairman and chief executive officer.