QXO, Inc. (QXO)’s Stock Down Significantly Since Jim Cramer Thought “It’s A Buy”

We recently published Jim Cramer’s Biggest Losers: 10 Stocks That Just Didn’t Work Out. QXO, Inc. (NYSE:QXO) is one of the stocks discussed by Jim Cramer.

Building products distributor QXO, Inc. (NYSE:QXO)’s shares are down by 25% over the past year and by 17.8% year-to-date. Its shares closed 3% lower on June 30th, with media reports suggesting that the firm’s TopBuild acquisition was to blame. The target’s shareholders chose cash for payment instead of stock, and the shares lost an additional 6% between the 30th and July 2nd. QXO, Inc. (NYSE:QXO)’s shares had also rallied after the results of the shareholder vote were announced. Citi discussed the firm on May 15th as it reduced the share price target to $28 from $30 and kept a Buy rating on the shares. On the 14th, Stephens cut the share price target to $26 from $29 and kept an Overweight rating. It remarked that QXO, Inc. (NYSE:QXO)’s first quarter earnings demonstrated that its margin control strategies were bearing fruit. Here is what Cramer said about the firm on Mad Money:

“I think it’s a buy because it’s Brad Jacobs. You can’t bet against Brad Jacobs. They do have a 10% short position. I tell you, while I’m not just pounding the table because it’s all the way up, I think it’s a buy.”

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