QXO (NYSE:QXO) Stock Price Down 5.6% – Should You Sell?

QXO, Inc. (NYSE:QXO) shares fell 5.6% during mid-day trading on Wednesday . The stock traded as low as $20.37 and last traded at $19.87. 5,170,991 shares were traded during trading, a decline of 20% from the average session volume of 6,460,473 shares. The stock had previously closed at $21.04.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on QXO shares. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a research report on Monday. KeyCorp set a $28.00 target price on shares of QXO in a report on Wednesday, October 1st. William Blair restated an “outperform” rating on shares of QXO in a research report on Wednesday. Truist Financial dropped their price target on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, December 19th. Finally, Raymond James Financial started coverage on QXO in a research note on Friday, September 5th. They set an “outperform” rating and a $28.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $32.57.

QXO Trading Down 8.3%

The company’s 50 day moving average price is $19.19 and its two-hundred day moving average price is $20.11. The firm has a market cap of $13.02 billion, a PE ratio of -43.86, a P/E/G ratio of 3.03 and a beta of 2.44. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.78 billion. The firm’s revenue was up 20726.7% compared to the same quarter last year. As a group, sell-side analysts forecast that QXO, Inc. will post -0.13 EPS for the current year.

Institutional Investors Weigh In On QXO

Several hedge funds and other institutional investors have recently modified their holdings of QXO. Farther Finance Advisors LLC purchased a new position in QXO during the 2nd quarter valued at $25,000. American Capital Advisory LLC increased its stake in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after purchasing an additional 841 shares during the period. Allworth Financial LP lifted its position in shares of QXO by 1,740.9% during the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after purchasing an additional 1,149 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of QXO during the second quarter valued at $28,000. Finally, Bogart Wealth LLC purchased a new stake in shares of QXO during the third quarter valued at $25,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.