Tritonpoint Wealth LLC Buys New Position in QXO, Inc. $QXO

Tritonpoint Wealth LLC purchased a new position in QXO, Inc. (NYSE:QXO) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 285,892 shares of the company’s stock, valued at approximately $5,449,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC bought a new stake in shares of QXO during the 2nd quarter worth $25,000. American Capital Advisory LLC lifted its stake in QXO by 258.0% during the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after purchasing an additional 841 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after purchasing an additional 1,149 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of QXO in the 2nd quarter worth about $28,000. Finally, Russell Investments Group Ltd. bought a new position in shares of QXO during the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Down 0.3%

Shares of QXO stock opened at $21.57 on Thursday. 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, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The company’s 50 day moving average price is $18.98 and its 200-day moving average price is $20.09. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of -49.01, a P/E/G ratio of 3.31 and a beta of 2.42.

QXO (NYSE:QXO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. QXO’s quarterly revenue was up 20726.7% compared to the same quarter last year. Equities research analysts forecast that QXO, Inc. will post -0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on QXO shares. Truist Financial dropped their target price on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, December 19th. Zacks Research lowered shares of QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research note on Monday. KeyCorp set a $28.00 target price on shares of QXO in a research report on Wednesday, October 1st. Finally, Morgan Stanley assumed coverage on shares of QXO in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.57.

About QXO

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.