QXO (NYSE:QXO) Sets New 1-Year Low on Analyst Downgrade

QXO, Inc. (NYSE:QXO) shares hit a new 52-week low during mid-day trading on Thursday after Truist Financial lowered their price target on the stock from $26.00 to $15.00. Truist Financial currently has a buy rating on the stock. QXO traded as low as $10.77 and last traded at $11.3250, with a volume of 46,459,377 shares trading hands. The stock had previously closed at $12.11.

QXO has been the topic of several other reports. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. KeyCorp lowered their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Citigroup lowered their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Benchmark restated a “buy” rating on shares of QXO in a report on Friday, August 14th. Finally, DA Davidson started coverage on shares of QXO in a research report on Monday, August 24th. They issued a “buy” rating and a $26.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, QXO has a consensus rating of “Moderate Buy” and a consensus price target of $25.36.

Hedge Funds Weigh In On QXO

Several hedge funds have recently made changes to their positions in QXO. Root Financial Partners LLC increased its stake in shares of QXO by 73,350.0% during the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after purchasing an additional 1,467 shares during the last quarter. NFSG Corp lifted its stake in QXO by 39.6% in the 1st quarter. NFSG Corp now owns 2,198 shares of the company’s stock valued at $43,000 after purchasing an additional 623 shares during the last quarter. Whipplewood Advisors LLC lifted its stake in QXO by 12,604.8% in the 1st quarter. Whipplewood Advisors LLC now owns 2,668 shares of the company’s stock valued at $52,000 after purchasing an additional 2,647 shares during the last quarter. CoreCap Advisors LLC bought a new position in QXO during the third quarter worth about $41,000. Finally, Capital Analysts LLC grew its holdings in QXO by 116.2% during the second 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. 58.68% of the stock is owned by institutional investors.

QXO Trading Down 2.7%

The business has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $16.07. The stock has a market cap of $11.22 billion, a price-to-earnings ratio of -12.02, a P/E/G ratio of 2.25 and a beta of 2.30. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29.

QXO (NYSE:QXO) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) 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 analyst estimates of $3.18 billion. Equities analysts forecast that QXO, Inc. will post 0.25 EPS for the current fiscal year.

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.