Allspring Global Investments Holdings LLC Reduces Stock Position in QXO, Inc. $QXO

Allspring Global Investments Holdings LLC cut its holdings in QXO, Inc. (NYSE:QXO) by 20.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,029,838 shares of the company’s stock after selling 530,331 shares during the period. Allspring Global Investments Holdings LLC’s holdings in QXO were worth $39,176,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of research firms recently issued reports on QXO. Oppenheimer boosted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Robert W. Baird reduced their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Citigroup decreased their price target on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 9th. Finally, Stephens lowered their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Fifteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.57.

QXO Price Performance

QXO stock opened at $14.43 on Monday. The stock has a market cap of $10.46 billion, a price-to-earnings ratio of -15.85, a PEG ratio of 3.69 and a beta of 2.23. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The business has a 50-day simple moving average of $16.45 and a 200 day simple moving average of $20.23. QXO, Inc. has a 52 week low of $13.82 and a 52 week high of $27.61.

QXO (NYSE:QXO) last released its quarterly 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 business had revenue of $1.73 billion during 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 firm’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, research analysts forecast that QXO, Inc. will post 0.2 earnings per share 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.