QXO (NYSE:QXO – Get Free Report) was upgraded by analysts at DA Davidson to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.
Other equities analysts also recently issued reports about the company. Morgan Stanley assumed coverage on QXO in a research report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective for the company. Wells Fargo & Company set a $18.00 price objective on shares of QXO in a research report on Tuesday, July 28th. Oppenheimer raised their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. KeyCorp decreased 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. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Two investment 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.00.
View Our Latest Research Report on QXO
QXO Stock Up 3.5%
QXO (NYSE:QXO – Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Analysts predict that QXO will post 0.29 EPS for the current year.
Hedge Funds Weigh In On QXO
Several hedge funds have recently added to or reduced their stakes in QXO. Carnegie Investment Counsel grew its position in QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock worth $6,013,000 after buying an additional 86,265 shares during the period. CI Investments Inc. lifted its position in shares of QXO by 4.1% during the 1st 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 period. Hudson Value Partners LLC lifted its position in shares of QXO by 87.6% during the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock valued at $3,732,000 after acquiring an additional 100,856 shares during the period. Griffin Asset Management Inc. purchased a new stake in shares of QXO during the 1st quarter worth approximately $2,057,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of QXO during the 1st quarter worth approximately $1,610,000. 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.
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