FORA Capital LLC Takes Position in QXO, Inc. $QXO

FORA Capital LLC bought a new position in shares of QXO, Inc. (NYSE:QXO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 350,674 shares of the company’s stock, valued at approximately $7,554,000. QXO makes up 0.8% of FORA Capital LLC’s investment portfolio, making the stock its 25th biggest holding.

Several other hedge funds have also recently bought and sold shares of QXO. Cetera Investment Advisers boosted its holdings in shares of QXO by 11.6% in the first quarter. Cetera Investment Advisers now owns 41,951 shares of the company’s stock valued at $568,000 after buying an additional 4,349 shares during the period. LPL Financial LLC boosted its stake in QXO by 385.1% in the 1st quarter. LPL Financial LLC now owns 175,596 shares of the company’s stock worth $2,378,000 after purchasing an additional 139,397 shares during the period. PNC Financial Services Group Inc. increased its holdings in QXO by 3,281.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,762 shares of the company’s stock worth $92,000 after purchasing an additional 6,562 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of QXO by 146.1% in the 1st quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company’s stock valued at $334,539,000 after purchasing an additional 14,667,571 shares during the period. Finally, Townsquare Capital LLC raised its stake in shares of QXO by 85.6% in the 1st quarter. Townsquare Capital LLC now owns 31,349 shares of the company’s stock valued at $424,000 after purchasing an additional 14,455 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Price Performance

NYSE:QXO opened at $21.34 on Friday. The stock has a market capitalization of $14.39 billion, a PE ratio of -48.50, a P/E/G ratio of 3.26 and a beta of 2.42. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The firm has a fifty day simple moving average of $18.63 and a 200 day simple moving average of $19.84. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last posted 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. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. QXO’s revenue for the quarter was up 20726.7% compared to the same quarter last year. On average, research analysts expect that QXO, Inc. will post -0.13 EPS for the current fiscal year.

Analyst Ratings Changes

QXO has been the subject of several recent research reports. Loop Capital initiated coverage on QXO in a research report on Thursday. They set a “buy” rating and a $31.00 price objective for the company. Raymond James Financial began coverage on shares of QXO in a research note on Friday, September 5th. They set an “outperform” rating and a $28.00 price target for the company. Truist Financial cut their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, October 9th. Vertical Research assumed coverage on shares of QXO in a research report on Tuesday, October 21st. They issued a “buy” rating and a $30.00 target price for the company. Finally, Morgan Stanley started coverage on shares of QXO in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.71.

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.