Evolve Private Wealth LLC Makes New $708,000 Investment in QXO, Inc. $QXO

Evolve Private Wealth LLC purchased a new position in QXO, Inc. (NYSE:QXO) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,452 shares of the company’s stock, valued at approximately $708,000.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on QXO shares. Citigroup cut their target price on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Robert W. Baird decreased their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Stephens decreased their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Oppenheimer boosted their price objective on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

QXO Stock Up 4.2%

QXO opened at $16.91 on Thursday. QXO, Inc. has a 12 month low of $14.75 and a 12 month high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average price is $18.33 and its 200-day moving average price is $20.90. The company has a market cap of $12.26 billion, a P/E ratio of -18.58, a P/E/G ratio of 4.16 and a beta of 2.30.

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