QXO (NYSE:QXO) Upgraded to Hold at Zacks Research

QXO (NYSE:QXO) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

QXO has been the subject of several other research reports. Stephens lowered their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Wells Fargo & Company set a $18.00 target price on QXO in a research report on Tuesday. Finally, Oppenheimer raised their price target on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Fifteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.71.

QXO Stock Up 0.8%

Shares of NYSE:QXO opened at $14.24 on Monday. The company has a market capitalization of $10.33 billion, a PE ratio of -15.65, a P/E/G ratio of 2.62 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The company’s fifty day moving average is $16.01 and its 200-day moving average is $19.86. QXO has a 52 week low of $13.32 and a 52 week high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The business’s revenue was up 12716.3% on a year-over-year basis. Equities research analysts predict that QXO will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QXO

Several hedge funds have recently added to or reduced their stakes in the stock. Arax Advisory Partners acquired a new position in QXO during the fourth quarter valued at approximately $25,000. Russell Investments Group Ltd. acquired a new position in QXO in the second quarter valued at about $30,000. Root Financial Partners LLC increased its holdings in shares of QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares in the last quarter. LRI Investments LLC raised its position in shares of QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after purchasing an additional 835 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its position in shares of QXO by 57.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares during the period. Institutional investors and hedge funds 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.