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

QXO, Inc. (NYSE:QXO) was the target of some unusual options trading on Monday. Stock investors purchased 40,720 put options on the stock. This represents an increase of 47% compared to the typical volume of 27,619 put options.

QXO Stock Up 2.9%

Shares of QXO stock traded up $0.30 during trading on Tuesday, reaching $10.95. The stock had a trading volume of 8,834,734 shares, compared to its average volume of 16,062,615. 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 company has a market capitalization of $11.36 billion, a price-to-earnings ratio of -12.16, a P/E/G ratio of 2.20 and a beta of 2.30. The stock has a fifty day moving average price of $13.06 and a two-hundred day moving average price of $15.97. QXO has a 52 week low of $10.39 and a 52 week high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. Sell-side analysts predict that QXO will post 0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On QXO

Several hedge funds have recently made changes to their positions in the business. Root Financial Partners LLC raised its stake in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after buying an additional 1,467 shares during the period. NFSG Corp lifted its position in shares of QXO by 39.6% in the first quarter. NFSG Corp now owns 2,198 shares of the company’s stock valued at $43,000 after buying an additional 623 shares during the last quarter. Whipplewood Advisors LLC boosted its stake in shares of QXO by 12,604.8% during the 1st quarter. Whipplewood Advisors LLC now owns 2,668 shares of the company’s stock worth $52,000 after acquiring an additional 2,647 shares during the period. CoreCap Advisors LLC bought a new position in shares of QXO during the 3rd quarter worth approximately $41,000. Finally, Capital Analysts LLC boosted its stake in shares of QXO by 116.2% during the 2nd quarter. Capital Analysts LLC now owns 3,544 shares of the company’s stock worth $61,000 after acquiring an additional 1,905 shares during the period. 58.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on QXO. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Citigroup cut their price target on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Wells Fargo & Company reduced their price target on shares of QXO from $18.00 to $16.00 and set an “overweight” rating for the company in a report on Tuesday. Truist Financial reduced their price target on shares of QXO from $26.00 to $15.00 and set a “buy” rating for the company in a report on Thursday. Finally, Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, QXO currently has a consensus rating of “Moderate Buy” and an average price target of $25.21.

About QXO

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.