FNY Investment Advisers LLC Increases Stock Position in QXO, Inc. $QXO

FNY Investment Advisers LLC raised its stake in QXO, Inc. (NYSE:QXO) by 41,767.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 58,615 shares of the company’s stock after purchasing an additional 58,475 shares during the period. FNY Investment Advisers LLC’s holdings in QXO were worth $1,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in QXO. Royal Bank of Canada increased its position in shares of QXO by 67.5% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after purchasing an additional 48,248 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of QXO in the 1st quarter valued at about $615,000. Millennium Management LLC grew its stake in QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after buying an additional 20,067 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in QXO by 13.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after buying an additional 81,758 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in QXO during the second quarter worth approximately $837,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO stock opened at $15.23 on Friday. The stock’s 50-day moving average price is $15.62 and its 200 day moving average price is $19.34. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $15.80 billion, a PE ratio of -16.73, a price-to-earnings-growth ratio of 2.41 and a beta of 2.28. QXO, Inc. has a 52-week low of $13.18 and a 52-week high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings data 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 company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The firm’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, equities research analysts forecast that QXO, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on QXO shares. Wells Fargo & Company set a $18.00 price objective on QXO in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Robert W. Baird decreased their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.

QXO 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. 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.