Fred Alger Management LLC Has $307.17 Million Stake in QXO, Inc. $QXO

Fred Alger Management LLC boosted its position in shares of QXO, Inc. (NYSE:QXO) by 75.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,923,937 shares of the company’s stock after buying an additional 6,844,574 shares during the period. QXO makes up approximately 1.2% of Fred Alger Management LLC’s investment portfolio, making the stock its 16th largest position. Fred Alger Management LLC owned about 2.36% of QXO worth $307,173,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Lionstone Capital Management LLC grew its stake in QXO by 10.0% during the fourth quarter. Lionstone Capital Management LLC now owns 2,332,662 shares of the company’s stock worth $44,997,000 after buying an additional 211,450 shares in the last quarter. Carret Asset Management LLC grew its stake in QXO by 25.9% during the fourth quarter. Carret Asset Management LLC now owns 76,975 shares of the company’s stock worth $1,485,000 after buying an additional 15,850 shares in the last quarter. Nicholas Wealth LLC. acquired a new stake in QXO during the fourth quarter worth about $216,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in QXO during the fourth quarter worth about $11,396,000. Finally, Opal Capital LLC acquired a new stake in QXO during the fourth quarter worth about $216,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on QXO. Citigroup reduced their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Royal Bank Of Canada dropped their target price on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, April 6th. KeyCorp increased their target price on shares of QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Stephens dropped their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Fifteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Stock Up 1.6%

Shares of NYSE QXO opened at $16.96 on Wednesday. The company has a 50 day simple moving average of $18.76 and a 200 day simple moving average of $21.00. The firm has a market cap of $12.30 billion, a PE ratio of -18.64, a price-to-earnings-growth ratio of 4.28 and a beta of 2.30. QXO, Inc. has a 1 year low of $14.75 and a 1 year high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47.

QXO (NYSE:QXO) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company’s revenue was up 12716.3% on a year-over-year basis. On average, research analysts forecast that QXO, Inc. will post 0.2 EPS for the current year.

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.