QXO (NYSE:QXO) Given New $18.00 Price Target at Royal Bank Of Canada

by · The Cerbat Gem

QXO (NYSE:QXO – Get Free Report) had its price objective decreased by investment analysts at Royal Bank Of Canada from $27.00 to $18.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 63.06% from the stock’s previous close.

Several other brokerages have also commented on QXO. 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. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Morgan Stanley started coverage on shares of QXO in a report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price target for the company. Melius Research began coverage on shares of QXO in a research note on Tuesday. They set a “buy” rating and a $17.00 price objective for the company. Finally, Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday, July 28th. 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.57.

Check Out Our Latest Research Report on QXO

QXO Stock Down 8.8%

QXO stock traded down $1.07 on Wednesday, hitting $11.04. 5,377,966 shares of the company’s stock were exchanged, compared to its average volume of 15,738,304. The firm has a 50 day moving average price of $13.27 and a two-hundred day moving average price of $16.22. QXO has a 12-month low of $11.12 and a 12-month high of $27.61. The stock has a market cap of $11.45 billion, a P/E ratio of -12.39, a price-to-earnings-growth ratio of 2.16 and a beta of 2.30. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11.

QXO (NYSE:QXO – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. As a group, equities research analysts expect that QXO will post 0.28 EPS for the current fiscal year.

Institutional Trading of QXO

Several institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC raised its holdings in shares of QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after purchasing an additional 1,467 shares during the last quarter. NFSG Corp boosted its holdings in QXO by 39.6% in the first quarter. NFSG Corp now owns 2,198 shares of the company’s stock valued at $43,000 after purchasing an additional 623 shares during the last quarter. Whipplewood Advisors LLC grew its position in QXO by 12,604.8% during the 1st quarter. Whipplewood Advisors LLC now owns 2,668 shares of the company’s stock worth $52,000 after purchasing an additional 2,647 shares during the period. Capital Analysts LLC grew its position in QXO by 116.2% during the 2nd quarter. Capital Analysts LLC now owns 3,544 shares of the company’s stock worth $61,000 after purchasing an additional 1,905 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of QXO by 718.7% during the 3rd quarter. Versant Capital Management Inc now owns 3,635 shares of the company’s stock valued at $42,000 after buying an additional 3,191 shares during the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Company Profile

(Get Free Report)

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.

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