Elevation Point Wealth Partners LLC Makes New Investment in QXO, Inc. $QXO

Elevation Point Wealth Partners LLC purchased a new position in QXO, Inc. (NYSE:QXO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 114,019 shares of the company’s stock, valued at approximately $2,214,000.

Several other institutional investors also recently bought and sold shares of the company. Fred Alger Management LLC bought a new stake in QXO in the 3rd quarter worth about $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock worth $16,928,000 after purchasing an additional 774,138 shares during the last quarter. Baillie Gifford & Co. boosted its position in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares during the last quarter. JNBA Financial Advisors bought a new stake in shares of QXO during the 4th quarter valued at about $992,000. Finally, Neuberger Berman Group LLC grew its stake in shares of QXO by 36.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,108,631 shares of the company’s stock valued at $21,131,000 after purchasing an additional 293,351 shares during the period. 58.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QXO shares. Stephens lowered their price objective 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. Citigroup cut their target price 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. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. KeyCorp decreased their price target on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.86.

QXO Trading Up 0.1%

Shares of QXO stock opened at $16.23 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 $14.75 and a fifty-two week high of $27.61. The company has a fifty day moving average of $17.45 and a 200 day moving average of $20.70. The company has a market capitalization of $11.77 billion, a P/E ratio of -17.84, a P/E/G ratio of 4.16 and a beta of 2.23.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. QXO’s revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current fiscal 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.