QXO (NYSE:QXO) Share Price Crosses Above 50-Day Moving Average – Here’s Why

Shares of QXO, Inc. (NYSE:QXO) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $11.84 and traded as high as $12.84. QXO shares last traded at $12.6960, with a volume of 23,424,596 shares changing hands.

Wall Street Analyst Weigh In

QXO has been the subject of several research analyst reports. Wells Fargo & Company dropped their target price on shares of QXO from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Citigroup dropped their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Morgan Stanley began coverage on QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 target price on the stock. Melius Research assumed coverage on shares of QXO in a report on Tuesday, October 6th. They set a “buy” rating and a $17.00 target price on the stock. Finally, Benchmark restated a “buy” rating on shares of QXO in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $24.77.

QXO Trading Down 0.5%

The stock has a market cap of $12.02 billion, a P/E ratio of 97.33, a PEG ratio of 2.61 and a beta of 2.42. The stock’s fifty day moving average price is $11.74 and its 200 day moving average price is $17.02. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. Equities research analysts expect that QXO, Inc. will post 0.22 earnings per share for the current year.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Finepoint Capital LP grew its holdings in 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 acquiring an additional 4,255,435 shares during the period. Fort Washington Investment Advisors Inc. OH raised its stake in shares of QXO by 25.9% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock valued at $66,679,000 after purchasing an additional 1,173,274 shares during the period. Spyglass Capital Management LLC purchased a new position in QXO during the second quarter worth about $62,961,000. CI Investments Inc. increased its stake in QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of QXO in the 2nd quarter valued at $44,919,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

About QXO

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.