Wells Fargo & Company upgraded shares of QXO (NYSE:QXO – Free Report) to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.
Other analysts also recently issued reports about the company. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Robert W. Baird cut their price target on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 price objective on shares of QXO in a research note on Friday, July 10th. Zacks Research raised QXO from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, QXO has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.
Check Out Our Latest Stock Analysis on QXO
QXO Trading Down 6.0%
QXO (NYSE:QXO – Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO’s revenue was up 12716.3% compared to the same quarter last year. On average, sell-side analysts expect that QXO will post 0.28 earnings per share for the current fiscal year.
Hedge Funds Weigh In On QXO
Several large investors have recently added to or reduced their stakes in the business. Arax Advisory Partners purchased a new stake in QXO in the 4th quarter valued at about $25,000. LRI Investments LLC boosted its position in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after acquiring an additional 835 shares during the last quarter. Root Financial Partners LLC grew its holdings in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after purchasing an additional 1,467 shares during the period. Newbridge Financial Services Group Inc. grew its holdings in QXO by 57.5% in the fourth 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. Finally, Russell Investments Group Ltd. acquired a new position in QXO during the second quarter worth approximately $30,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.
QXO Company Profile
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.
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