Citigroup Has Lowered Expectations for QXO (NYSE:QXO) Stock Price

by · The Cerbat Gem

QXO (NYSE:QXO – Get Free Report) had its price target reduced by analysts at Citigroup from $30.00 to $28.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 67.37% from the company’s current price.

A number of other research firms also recently weighed in on QXO. Oppenheimer lifted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Benchmark reaffirmed a “buy” rating on shares of QXO in a report on Friday, February 20th. Stephens dropped their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday. Wall Street Zen cut shares of QXO from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Finally, BNP Paribas Exane began coverage on shares of QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price for the company. Sixteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

Check Out Our Latest Analysis on QXO

QXO Stock Performance

QXO stock traded down $0.70 during trading on Friday, reaching $16.73. 11,562,946 shares of the stock were exchanged, compared to its average volume of 10,617,191. QXO has a twelve month low of $15.50 and a twelve month high of $27.61. The company has a market capitalization of $12.13 billion, a P/E ratio of -18.26, a price-to-earnings-growth ratio of 2.40 and a beta of 2.40. The stock has a 50 day simple moving average of $20.48 and a 200-day simple moving average of $21.14. The company has a current ratio of 3.33, a quick ratio of 2.61 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO – Get Free Report) last released its 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 positive return on equity of 1.91% and a negative net margin of 6.02%.The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO’s revenue was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that QXO will post 0.36 earnings per share for the current year.

Institutional Investors Weigh In On QXO

Hedge funds have recently bought and sold shares of the company. Arax Advisory Partners acquired a new stake in QXO in the 4th quarter valued at about $25,000. LRI Investments LLC increased its holdings in shares of QXO by 129.1% in the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after buying an additional 835 shares during the last quarter. Root Financial Partners LLC increased its stake in shares of QXO by 73,350.0% in the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock worth $29,000 after acquiring an additional 1,467 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after buying an additional 575 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of QXO during the second quarter valued at approximately $30,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

About QXO

(Get Free Report)

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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