Cherry Creek Investment Advisors Inc. Acquires 36,554 Shares of QXO, Inc. $QXO

Cherry Creek Investment Advisors Inc. raised its holdings in shares of QXO, Inc. (NYSE:QXO) by 43.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 121,190 shares of the company’s stock after buying an additional 36,554 shares during the period. QXO comprises approximately 1.0% of Cherry Creek Investment Advisors Inc.’s portfolio, making the stock its 27th largest position. Cherry Creek Investment Advisors Inc.’s holdings in QXO were worth $2,354,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Arax Advisory Partners purchased a new stake in QXO during the 4th quarter valued at about $25,000. LRI Investments LLC increased its stake in QXO by 129.1% in the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after purchasing an additional 835 shares during the period. Root Financial Partners LLC lifted its position in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after purchasing an additional 1,467 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in QXO in the second quarter valued at approximately $30,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares during the period. 58.68% of the stock is owned by institutional investors.

QXO Price Performance

Shares of QXO stock opened at $14.62 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO, Inc. has a fifty-two week low of $13.82 and a fifty-two week high of $27.61. The firm has a market cap of $10.60 billion, a P/E ratio of -16.07, a P/E/G ratio of 3.76 and a beta of 2.23. The business’s 50 day moving average price is $17.00 and its 200-day moving average price is $20.51.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $1.73 billion for 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 business’s revenue was up 12716.3% compared to the same quarter last year. On average, equities research analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current year.

Analyst Ratings Changes

QXO has been the topic of several analyst reports. BNP Paribas Exane started coverage on shares of QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price on the stock. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. KeyCorp cut their price target on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Oppenheimer boosted their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Royal Bank Of Canada lowered their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, April 6th. Fifteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.86.

About QXO

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.