Mane Global Capital Management LP Buys New Position in QXO, Inc. $QXO

Mane Global Capital Management LP purchased a new position in shares of QXO, Inc. (NYSE:QXO) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 45,000 shares of the company’s stock, valued at approximately $969,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC purchased a new position in shares of QXO during the second quarter valued at approximately $25,000. American Capital Advisory LLC raised its holdings in QXO by 258.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after acquiring an additional 841 shares during the last quarter. Allworth Financial LP raised its holdings in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after acquiring an additional 1,149 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of QXO during the 2nd quarter worth $28,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of QXO during the second quarter worth $30,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Benchmark upgraded QXO to a “strong-buy” rating in a research note on Monday, August 25th. Morgan Stanley initiated coverage on shares of QXO in a research note on Tuesday, September 2nd. They set an “overweight” rating and a $35.00 price objective for the company. Zacks Research cut shares of QXO from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 12th. KeyCorp set a $28.00 target price on shares of QXO in a report on Wednesday, October 1st. Finally, Raymond James Financial started coverage on shares of QXO in a research note on Friday, September 5th. They set an “outperform” rating and a $28.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.85.

QXO Stock Performance

QXO stock opened at $21.74 on Thursday. The firm has a market capitalization of $14.66 billion, a PE ratio of -49.42, a price-to-earnings-growth ratio of 3.19 and a beta of 2.42. QXO, Inc. has a one year low of $11.85 and a one year high of $24.69. The stock’s 50 day moving average price is $18.56 and its 200 day moving average price is $19.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The company’s revenue for the quarter was up 20726.7% compared to the same quarter last year. As a group, sell-side analysts expect that QXO, Inc. will post -0.13 EPS for the current fiscal year.

QXO Company Profile

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.