Cibc World Market Inc. Increases Holdings in QXO, Inc. $QXO

Cibc World Market Inc. raised its stake in shares of QXO, Inc. (NYSE:QXO) by 65.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 106,368 shares of the company’s stock after buying an additional 42,215 shares during the period. Cibc World Market Inc.’s holdings in QXO were worth $2,052,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. LRI Investments LLC raised its stake in QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after buying an additional 835 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after buying an additional 575 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in QXO during the 2nd quarter valued at $30,000. Allworth Financial LP raised its stake in QXO by 66.9% during the 3rd quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock valued at $39,000 after buying an additional 813 shares during the last quarter. Finally, Danske Bank A S purchased a new stake in QXO during the 3rd quarter valued at $53,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Stock Up 5.9%

NYSE QXO opened at $16.46 on Wednesday. The stock’s 50-day moving average price is $19.03 and its 200-day moving average price is $21.03. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 52 week low of $15.32 and a 52 week high of $27.61. The company has a market capitalization of $11.93 billion, a P/E ratio of -18.08, a price-to-earnings-growth ratio of 3.98 and a beta of 2.30.

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

Analysts Set New Price Targets

QXO has been the subject of a number of research reports. Zacks Research lowered shares of QXO from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Robert W. Baird decreased their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Citigroup cut their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Finally, Royal Bank Of Canada cut their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. Fifteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, QXO has an average rating of “Moderate Buy” and an average price target of $31.14.

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.