QXO, Inc. (NYSE:QXO) Sees Significant Decrease in Short Interest

QXO, Inc. (NYSE:QXO) saw a significant drop in short interest during the month of January. As of January 15th, there was short interest totaling 58,739,273 shares, a drop of 15.3% from the December 31st total of 69,343,215 shares. Based on an average daily trading volume, of 10,387,727 shares, the days-to-cover ratio is presently 5.7 days. Approximately 17.9% of the company’s stock are short sold. Approximately 17.9% of the company’s stock are short sold. Based on an average daily trading volume, of 10,387,727 shares, the days-to-cover ratio is presently 5.7 days.

QXO Trading Down 2.9%

Shares of QXO stock opened at $22.18 on Monday. The stock has a market cap of $14.96 billion, a PE ratio of -50.41, a price-to-earnings-growth ratio of 2.73 and a beta of 2.55. The firm has a fifty day moving average price of $21.83 and a 200 day moving average price of $20.39. QXO has a 1 year low of $11.85 and a 1 year high of $26.24. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24.

QXO (NYSE:QXO) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.78 billion. QXO had a positive return on equity of 3.70% and a negative net margin of 3.81%.QXO’s quarterly revenue was up 20726.7% compared to the same quarter last year. Equities research analysts predict that QXO will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QXO. Weiss Ratings restated a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Oppenheimer boosted their target price on shares of QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. Benchmark restated a “buy” rating on shares of QXO in a research note on Friday, January 16th. Truist Financial lowered their price objective on shares of QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, December 19th. Finally, Loop Capital initiated coverage on QXO in a research note on Thursday, December 11th. They issued a “buy” rating and a $31.00 target price for the company. One investment analyst has 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.43.

Institutional Investors Weigh In On QXO

Several hedge funds have recently bought and sold shares of QXO. Farther Finance Advisors LLC acquired a new position in shares of QXO in the 2nd quarter valued at $25,000. American Capital Advisory LLC increased its holdings in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after buying an additional 841 shares in the last quarter. Allworth Financial LP raised its position in shares of QXO by 1,740.9% in the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after acquiring an additional 1,149 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of QXO during the 2nd quarter worth about $28,000. Finally, Bogart Wealth LLC acquired a new stake in shares of QXO during the 3rd quarter valued at about $25,000. Hedge funds and other institutional investors 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.