Goodnow Investment Group LLC Takes Position in QXO, Inc. $QXO

Goodnow Investment Group LLC acquired a new position in shares of QXO, Inc. (NYSE:QXO) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 157,180 shares of the company’s stock, valued at approximately $2,716,000. QXO comprises about 0.3% of Goodnow Investment Group LLC’s holdings, making the stock its 23rd largest position.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada grew its position in QXO by 67.5% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after acquiring an additional 48,248 shares during the period. AQR Capital Management LLC purchased a new position in shares of QXO in the 1st quarter worth about $615,000. Millennium Management LLC lifted its stake in shares of QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after purchasing an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of QXO by 13.3% in 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 valued at $9,449,000 after purchasing an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of QXO during the 2nd quarter worth about $837,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

QXO has been the topic of a number of recent research reports. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, August 14th. Citigroup lowered their price target on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a report on Monday, July 13th. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 target price on shares of QXO in a research note on Friday, July 10th. Finally, KeyCorp reduced their price target on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.00.

QXO Stock Performance

NYSE:QXO opened at $13.38 on Tuesday. The firm has a 50-day moving average of $15.19 and a two-hundred day moving average of $18.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The stock has a market cap of $13.89 billion, a P/E ratio of -14.87, a PEG ratio of 2.37 and a beta of 2.28. QXO, Inc. has a 1-year low of $13.15 and a 1-year high of $27.61.

QXO (NYSE:QXO) last announced its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The business had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. On average, research analysts expect that QXO, Inc. will post 0.29 earnings per share 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. 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.