ARS Investment Partners LLC Buys 29,047 Shares of QXO, Inc. $QXO

ARS Investment Partners LLC grew its holdings in shares of QXO, Inc. (NYSE:QXO) by 12.9% in the third quarter, Holdings Channel reports. The institutional investor owned 254,156 shares of the company’s stock after acquiring an additional 29,047 shares during the period. ARS Investment Partners LLC’s holdings in QXO were worth $4,844,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

QXO has been the topic of a number of research analyst reports. Morgan Stanley began coverage on QXO in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 target price on the stock. Raymond James Financial assumed coverage on QXO in a report on Friday, September 5th. They set an “outperform” rating and a $28.00 price target on the stock. Loop Capital started coverage on QXO in a research note on Thursday, December 11th. They issued a “buy” rating and a $31.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research report on Monday. Finally, Truist Financial lowered their target price on QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Two investment 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 assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.57.

QXO Stock Performance

Shares of NYSE QXO opened at $21.57 on Thursday. The stock’s 50-day moving average is $18.98 and its 200 day moving average is $20.09. The stock has a market cap 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, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. 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 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.78 billion. QXO’s quarterly revenue was up 20726.7% compared to the same quarter last year. On average, sell-side analysts anticipate 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. 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.