273,863 Shares in QXO, Inc. $QXO Purchased by Elevatus Welath Management

Elevatus Welath Management acquired a new position in shares of QXO, Inc. (NYSE:QXO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 273,863 shares of the company’s stock, valued at approximately $5,899,000. QXO comprises approximately 2.0% of Elevatus Welath Management’s holdings, making the stock its 18th largest holding.

Several other hedge funds have also added to or reduced their stakes in the stock. Alpha Wave Global LP bought a new position in shares of QXO during the 2nd quarter valued at approximately $525,366,000. Vanguard Group Inc. raised its holdings in shares of QXO by 91.0% in the 2nd quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock worth $1,016,525,000 after purchasing an additional 22,484,977 shares during the period. Affinity Partners GP LP lifted its stake in QXO by 99.1% in the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock valued at $703,745,000 after purchasing an additional 16,260,163 shares during the last quarter. Blue Investment Opportunities LLC Project Breeze Series 1 bought a new position in QXO during the first quarter valued at $118,142,000. Finally, Hood River Capital Management LLC bought a new position in QXO during the second quarter valued at $178,836,000. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on QXO shares. KeyCorp set a $28.00 target price on QXO in a research note on Wednesday, October 1st. Raymond James Financial initiated coverage on QXO in a research note on Friday, September 5th. They issued an “outperform” rating and a $28.00 price objective on the stock. Morgan Stanley began coverage on shares of QXO in a research report on Tuesday, September 2nd. They set an “overweight” rating and a $35.00 target price for the company. Benchmark upgraded shares of QXO to a “strong-buy” rating in a research note on Monday, August 25th. Finally, Vertical Research assumed coverage on shares of QXO in a research report on Tuesday, October 21st. They issued a “buy” rating and a $30.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, QXO presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.71.

QXO Trading Down 3.5%

Shares of QXO stock opened at $21.34 on Friday. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69. The company has a market cap of $14.39 billion, a price-to-earnings ratio of -48.50, a PEG ratio of 3.37 and a beta of 2.42. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $18.63 and its 200-day moving average price is $19.82.

QXO (NYSE:QXO) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The business’s quarterly revenue was up 20726.7% on a year-over-year basis. On average, equities analysts expect that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

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.