QXO Inc stock declines amid market weakness
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 18 2024
0mins
Should l Buy QXO?
QXO Inc's stock fell by 5.02% as it crossed below its 5-day SMA, reflecting a challenging trading environment.
The decline in QXO's stock price is primarily attributed to broad market weakness, with both the Nasdaq-100 and S&P 500 experiencing losses of 0.63% and 0.68%, respectively. This market trend has led to a sector rotation, impacting QXO's performance negatively.
Investors are advised to monitor market conditions closely, as the overall sentiment remains cautious amid ongoing volatility.
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Analyst Views on QXO
Wall Street analysts forecast QXO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for QXO is 30.25 USD with a low forecast of 27.00 USD and a high forecast of 35.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
10 Buy
0 Hold
0 Sell
Strong Buy
Current: 21.040
Low
27.00
Averages
30.25
High
35.00
Current: 21.040
Low
27.00
Averages
30.25
High
35.00
About QXO
QXO, Inc. is a distributor of roofing, waterproofing and complementary building products in the United States. It focuses on being a tech-enabled company in the building products distribution industry. The Company specializes in helping contractors, distributors, and suppliers streamline operations. Its technology supports every step of the supply chain, from product availability and inventory management to order tracking and customer service. As a reseller and developer of proprietary software, it tailors its tools to the specific workflows of roofing professionals and distributors. Its product categories include residential, building supplies and materials, siding, waterproofing, and commercial. Its residential product category includes asphalt shingles, metal roofing, roofing accessories, roofing insulation, slate roofing, tile roofing, and wood roofing. Its building supplies and materials product category includes exterior materials, interior materials, and tools and equipment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Rising Bond Yields: The 10-year Treasury yield rose by 6 basis points to 4.23%, reaching a 4.5-month high, as President Trump's reluctance to nominate Hassett intensified market concerns about potential rate hikes.
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